The Render (RNDR) price could reach an unprecedented high this May if bullish momentum persists and breaks through key resistance levels, notably surpassing $11.38.
RNDR, a prominent AI coin, has grabbed headlines once again following a robust 40% surge in price over the past week. Presently, RNDR is trading just below $10, with its market capitalization inching closer to $4 billion.
Strong Accumulation by Render Whales:
On-chain data provider LookonChain highlights a surge in whale activity and accumulation driving RNDR’s recent price rally. Notable transactions involving RNDR have been observed, including substantial withdrawals from Binance exchange by users such as 0x15CF and 0x1Cb7, resulting in significant floating profits.
According to Santiment’s on-chain data, discussions surrounding artificial intelligence (AI) and big data in the cryptocurrency space have surged. RNDR token has witnessed an 11% increase in interest, emerging as the top trending asset.
RNDR Price Outlook:
In addition to its recent gains, RNDR experienced a robust rally in Q1 2024, hitting an all-time high in March. The token surged by 285%, reaching $13.840 amid the AI coin frenzy.
Technical analysis indicates a symmetrical triangle pattern formation on the 1D timeframe, suggesting an impending breakout. The Relative Strength Index (RSI) surge signals heightened buying activity.
A breakout above the resistance trendline could sustain bullish momentum, potentially testing the $11.325 resistance level and paving the way for RNDR to target its upper resistance at $13.840 this month. Conversely, a bearish trend reversal might prompt RNDR to test support at $8.985.
