Despite increased price fluctuations in the crypto industry, the Artificial Intelligence (AI) category continues to display a strong bullish price action by adding significant valuation to their respective portfolios.
Moreover, the Render (RNDR) token has added approximately 3% within the past day and 33.72% over the past seven days. Furthermore, the Year-to-Date (YTD) return stands at 119.28%, indicating a positive outlook for the altcoin in the coming time.
As the hype for AI tokens gained traction, the Render price regained momentum after displaying a neutral trend for the first month of 2024. The RNDR token jumped approximately 285%, resulting in this AI token recording a new all-time high (ATH) of $13.840 on 17th March.
Following this, the bulls lost momentum and recorded a correction of 48.69% in its portfolio. Furthermore, the RNDR price has formed a symmetric triangle in the 1D time frame and is on the verge of testing for a breakout, the outcome of which is unpredictable.
The Relative Strength Index (RSI) displays a significant rise in the chart, indicating increased buying sentiment within the crypto space. Moreover, the averages show a bullish increase, suggesting the price will continue gaining value in the coming time.
If the market breaks out of the resistance trendline, the bulls will continue trading under a bullish influence and test its resistance level of $11.325. Maintaining the price at that level will set the stage for the RNDR token to attempt to test its upper resistance level of $13.840 this month.
Conversely, if a bearish trend reversal occurs, the Render price will lose momentum and test its support level of $8.985. Furthermore, if the bears continue to dominate the market, it will plunge and fall to test its crucial support level of $7.100.
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