After a period of bullish sentiment, the cryptocurrency market has seen a slight correction of more than 1% in the last 24 hours, signaling a cooling off in price movements. Bitcoin (BTC) remains steady around the $65,000 mark.
Meanwhile, the Artificial Intelligence (AI) category has experienced notable corrections, with top tokens each losing over 5% in the same period. Despite this increased volatility, there is growing optimism for a bullish turnaround in the RNDR price.
Render (RNDR) Price Analysis and Market Trends
The price of Render coin has struggled to break through its resistance trendline within a triangle pattern, signaling strong bearish sentiment in the cryptocurrency market. Over the past day, the AI token has experienced a 6.17% decline, with a trading volume reaching $179.406 million.
Currently trading at $6.388, Render crypto has shown a Year-to-Date (YTD) return of +36.44%, securing the 37th position in the global crypto rankings with a market capitalization of $2.515 billion.
Technical Indicators
The Relative Strength Index (RSI) has failed to surpass its midpoint, indicating a downtrend and suggesting a potential bearish convergence with its average trendline, reflecting growing bearish sentiment.
On the other hand, the Moving Average Convergence Divergence (MACD) indicator shows a decline in the green histogram, signifying increased selling pressure. However, the MACD averages indicate a neutral trend, indicating uncertainty regarding future price movements.
Render (RNDR) Price Forecast
If bulls manage to break out above the resistance trendline, Render’s price is expected to test the upper level of $7.325 within this week. Further bullish momentum could potentially drive the price towards testing its high of $9.450 in the coming weeks.
Conversely, if bears regain control over the market, RNDR coin price may revisit its crucial support level around $5.30 by the end of this month.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.