Render Token Jumps 34% This Week! RNDR Price To Achieve A New ATH In May?

The post Render Token Jumps 34% This Week! RNDR Price To Achieve A New ATH In May? appeared first on Coinpedia Fintech News

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.

RNDR Token On The Verge Of A Major Breakout:

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.

Will Render Price Go Up?

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.