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.
![](https://public.bnbstatic.com/image/pgc/202407/b332d9a567d39a6840890b1fcc9c44b9.png)
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.
![](https://public.bnbstatic.com/image/pgc/202407/beb449453c2f57b777fd659d4ed53887.png)
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.
RNDR/USDT – Source: TradingView
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.
![](https://public.bnbstatic.com/image/pgc/202407/21a7b7f4ef099e19f25e488869069e0e.png)
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.
![](https://public.bnbstatic.com/image/pgc/202407/b964a35bf1f4b488e42f4d6b30e4b1c8.png)
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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