Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
After trading under a bullish sentiment for a brief period, the cryptocurrency market has recorded a correction of over 1% over the past 24 hours, indicating a cool-off in the price action. Moreover, the BTC price continues hovering close to its $65K mark.
On the other hand, the Artificial Intelligence (AI) category has recorded a significant correction in their respective portfolios with top tokens losing over 5% each within the past 24 hours.
However, with the increased price volatility, the RNDR price displays a high possibility of a bullish reversal. Are you planning on investing in this crypto token? Dive in as, this article, is just for you!
The Render coin price has repeatedly failed to break out of its resistance trendline of the triangle pattern, indicating a strong bearish sentiment in the cryptocurrency market. Further, this AI token has lost 6.17% in valuation within the past day with a trading volume of $179.406 Million.
Moreover, with a trading price of $6.388, and a Year-to-Date (YTD) return of +36.44%, the Render crypto has secured the 37th position in the global crypto-list with a market capitalization of $2.515 Billion.
The technical indicator RSI has failed to surpass the mid-point, resulting in its recording a downtrend. Further, it hints at a potential bearish convergence with its average trendline, suggesting increased bearish sentiment.
On the other hand, the MACD indicator displays a decline in the green histogram, highlighting an increase in the selling pressure. However, the averages record a neutral trend, suggesting uncertainty in future price action.
If the bulls break out of the resistance trendline, the Render price will test its upper level of $7.325 this week. Furthermore, if the bulls continue to dominate the market, it will prepare to test its high of $9.450 during the upcoming weeks.
Conversely, if the bears regain control over the bulls, the RNDR coin price will retest its crucial support level of $5.30 this month.
