The market trajectory of RNDR token is noteworthy due to its potential for a significant price increase.
The token’s association with the field of artificial intelligence technology puts it in a unique position in the cryptocurrency market, especially against the backdrop of major events such as OpenAI’s recent presentation and Nvidia’s upcoming earnings report.
Key resistance levels to watch
It is important that RNDR maintains its position above the critical monthly resistance at $10.66. For RNDR to reach new all-time highs, it must break through the weekly resistance at $13.16, with only two daily resistance levels at $11.70 and $12.40 standing in its way.
Breaking through these barriers could provide a relatively unobstructed path to test and potentially surpass final resistance, triggering a new phase of price discovery.
The AI community is actively involved in events that could affect RNDR’s price trajectory. OpenAI’s recent activity showcases advancements in AI and has played a key role in advancing AI-related projects such as RNDR.
Additionally, Nvidia’s earnings report on May 22 is expected to be a major catalyst. Nvidia is forecast to have a strong performance, which in turn could kick off “AI Season 2.0.”
Fibonacci levels and market sentiment
Fibonacci extension levels provide a bullish outlook for RNDR, indicating that it could rise to between $26 and $43, depending on whether the market remains bullish or neutral. The current sentiment in the AI cryptocurrency market supports this optimistic scenario, which is further fueled by the continued development of AI technology.
(Personal opinion, not a recommendation)
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