With a significant increase in price volatility in the crypto market, Artificial Intelligence (AI) tokens continue to show significant price fluctuations within their portfolios since the beginning of the month. Although it recorded a correction of around 4% in the past day, rendering (RNDR) price has jumped 7.36% in the last 30 days. In this context, it has delivered a 133.34% return on valuation year-to-date (YTD).
Render Price Faces Repeated Rejection at Significant Resistance Level
After closing the month of April on a decline, the Artificial Intelligence (AI) category has regained momentum, causing the Render price to jump 64.43% in the first 10 days. Followed by, altcoin It faced rejection at the $11,560 resistance level.
After that, RNDR price exhibited a neutral trend, trading in a closed range between $10,510 and $11,560. This indicated a cooling in price movement for the altcoin. As volatility increased, the bulls lost momentum, causing the Render token to lose nearly 14% in value.
Since then, the price has been trending sideways crypto- It highlights the weak buying and selling pressure for the AI token in the space.
Render’s Market Sentiments
The Cross EMA 50/200-day is bearish in the 4H timeframe, indicating strong bearish strength in the crypto market.
The Moving Average Convergence Divergence (MACD) shows a sustained decline in the red histogram, indicating an increase in buying pressure in the crypto space. However, the averages show a negative price sentiment and highlight uncertainty in future price movement.
How High Will the RNDR Price Rise?
If the market gains momentum again, Render price will test the $10,510 resistance level this week. Moreover, if the bulls continue to dominate the market, it could rise further and prepare to test the upper resistance level of $11,560 in the coming period. On the downside, if the bears overcome the bulls, RNDR price will decline towards the key $9,460 support level this month.
