Altcoin
What awaits the RNDR after the 50% weekly surge?
Rendering Price Prediction: During the early May recovery phase in the cryptocurrency market, the Render he stood out as one of the best performers. The altcoin rebounded from the combined support of $0.7 and a 50% retracement level pushed the asset’s value 55% to a high of $10.85. A closer look at the daily chart reveals the recovery as a double bottom pattern, suggesting the possibility of further upward movement in the near future.
Read also: FET Vs Render: Which AI Altcoin to Buy, Sell or Hodl in May?
Rendering Price Prediction: Double Bottom Formation Signals Renewed Buying Sentiment
Rendering Price Prediction | Tradingview
Amid the recent correction, the Make the price has discovered solid support at $7. This crucial level coincides with the 50% Fibonacci retracement level, but also intersects with a long-standing support trendline, establishing a solid accumulation zone favored by buyers.
Using the above support as base support, RNDR price develops a bullish reversal pattern called a double bottom on the daily charts. This reversal pattern is commonly observed at local market lows, signaling renewed buying sentiment among market participants.
On May 5, Render price gave a bullish breakout from the $9.76 neckline resistance, favoring buyers to ride a rally higher.
Additionally, a recent update from crypto analytics firm Santiment highlights that the surge in AI and Big Data projects in the cryptocurrency industry continues to gain momentum. In particular, RNDR has emerged as the main trending asset, regaining its position above $10. This increase in interest highlights the growing importance of projects within this expanding industrial landscape.
With the Bitcoin price Back from $65,000, the altcoin market experienced oversupply, encouraging 2% intraday in the Render token.
If the retest shows its sustainability above breaking the $9.75 support, buyers could lead a rally to $12, followed by $13.8.
Technical indicator
- BB indicator: The upper band of Bollinger band challenge indicator on the bullish project buyers are active in accumulating this asset.
- Average directional index: The ADX’s upward slope at 20% indicates that the previous correction helped RNDR price rebuild bullish momentum for an extended rally.
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