The Artificial Intelligence (AI) category has recorded a strong bullish reversal after trading under a negative influence since the start of June. Furthermore, AI tokens have experienced a significant uptrend with top tokens such as NEAR Protocol, RNDR, GRT, and INJ price each adding over 10% this week.
Positively, RNDR price has surged 14.96% over the past 48 hours, indicating a bullish outlook for the altcoin in the coming time. With the rising bullish sentiments for the AI category, will the Render token regain momentum and head toward its $11 mark soon?
RNDR Price Records A Descending Channel Pattern:
After trading under a bearish sentiment for about a month, the Render price has successfully regained momentum and has recorded a jump of 11.63% in valuation with a change of 110% in its 24-hour trading volume. Further, the altcoin has jumped 6.50% within the past week and has a YTD of +72.94%.
However, the Render token has formed a descending channel pattern in the 1D time frame and has been trading within it since the month started. This indicates a rising bearish sentiment for the AI token in the cryptocurrency market.
With a trading price of $7.666, a circulating supply of 388,646,672 RNDR, and a total supply of 532,073,613 RNDR tokens, the altcoin has successfully secured the 29th position with a market capitalization of $2.989 Billion.
Render Token Market Sentiments:
The Moving Average Convergence Divergence (MACD) has recorded a constant decline in the red histogram, highlighting an increase in the bullish sentiment for the RNDR coin price in the crypto market. Moreover, the averages display a high potential for a bullish convergence this week.
On the other hand, the EMA 200-day acts as a resistance to the price chart in the 1D time frame. However, the RNDR crypto is on the verge of testing its trendline, suggesting a mixed sentiment for the AI token in the crypto space.
Will RNDR Price Reclaim $10 Soon?
If the bulls break out of the resistance trendline, the Render coin price will regain momentum and test its resistance level of $9.450. Furthermore, if the market continues to trade under a bullish sentiment, the RNDR token will prepare to test its upper resistance level of $11.760.
Conversely, if a bearish trend reversal occurs, the Render crypto will drop toward its important support level of $7.325. Moreover, if the bears continue to dominate the market, the RNDR price will plunge toward its low of $5.30 in the coming time.
