RNDR Bulls Could Not Break $10.6 Level, Is This A Reversal?

Render Token, the popular AI Coins category is in the spotlight 40% up in weekly charts and currently trading at $10.11 with a marketcap of 3.9 Billion USD. This surge is today the talk of crypto markets, a report revealed from Santimnet shows a significant increase in the discussion of AI & Big data projects, with RNDR tokens having a share of 11%.

This hype is a result of increased whale activity towards the accumulation of Render Tokens. A report published on Lookonchain shows whales’ involvement in withdrawing RNDR tokens from Binance and other exchanges. Interestingly, these whale addresses hold a history of gains up to $35 million with a win ratio of 85%.

The Bulls Seem Tired Now, But Hold Momentum

RNDR despite being a weekly high, it broke out today after hitting $10.6 and saw a downtick to 5.86% in 24 hours. An ascending trajectory and an upward channel formed with a volatility of 6.7%.

The 4-hour chart of RNDR/USDT can be seen showing an upward channel breakout to the ascending trajectory. The Price is already hovering around crucial support of $9.89 a dip from here can pull down the assert to a low of $8 to $9. The RSI at 54 will push the bulls slightly more and enter a neutral state. 

If the RNDR manages to rebound and break the $10.5 mark it would signal continued bullish momentum and the price would retest a new resistance at the $11.4 mark. Resistance beyond will rally to test the ATH at $13.60 which happened in March 2024.

Traders, Watch out for a 200 SMA, Standing too low at $5.95, but the other moving averages also show a bullish dial.

Also, Check Out: Altcoins Show Strength While Bitcoin Stuck Within A Range: WLD, NEAR & RNDR Price Close to Triggering a Fresh Upswing