The Artificial Intelligence (AI) category continues to exhibit a strong bullish price action by significantly increasing the valuation of each of its portfolios, even in the face of increased price fluctuations in the cryptocurrency industry.
In addition, over the previous seven days, the Render (RNDR) token has increased by roughly 44% and about 7% over the past 24 hours. Additionally, the Year-to-Date (YTD) return is 119.28%, which suggests that the altcoin has a promising future.
The RNDR token is about to see a significant breakout
After showing a neutral trend for the first month of 2024, the Render price gained momentum as the buzz around AI tokens grew. On March 17, the RNDR token saw an increase of about 285%, which led to the AI token reaching a new all-time high (ATH) of $13.840.
After that, the bulls' momentum waned and their portfolio saw a 48.69% correction. Additionally, in the 1D time frame, the price of RNDR has formed a symmetric triangle and is about to test for a breakout, the result of which is uncertain.
The chart of the Relative Strength Index (RSI) shows a notable increase, suggesting that there is more buying sentiment in the cryptocurrency market. Additionally, the averages exhibit a bullish increase, indicating that the price will likely keep rising in the near future. According to the indicator, RNDR is still in good condition but is a little overheated at this price point. A less than 50 RSI might indicate less price volatility for Render.
According to Santiment, the RNDR daily active addresses divergence increased to 625% as the overall bullish sentiment in the market grows. Given that small investors rather than whales created the price surge for the Render token, the indicator indicates a strong "buy signal" for the asset.
Will RNDR increase its price even further?
The bulls will continue to trade optimistically and test the market's resistance level of $11.325 if it breaks out of the resistance trendline. The RNDR token will try to test its upper resistance level of $13.840 this month if the price stays at that level.
On the other hand, the Render price will lose momentum and test its $8.985 support level if a bearish trend reversal takes place. Furthermore, the market will drop and test its critical support level of $7.100 if the bears maintain their dominance.