The cryptocurrency market has seen a recent cool-off, with Bitcoin (BTC) hovering around $65,000 and most tokens experiencing price corrections. However, within the Artificial Intelligence (AI) sector, Render (RNDR) is defying the trend and hinting at a potential bullish breakout.
RNDR Price Action: Bullish Signs Emerge
While the broader market experiences a pullback, RNDR‘s price action suggests a possible reversal. Despite failing to break out of a triangle pattern’s resistance line recently, some technical indicators show promise. The Relative Strength Index (RSI) is currently hovering below the midpoint, but it doesn’t necessarily signal doom and gloom. The Moving Average Convergence Divergence (MACD) indicator, although displaying a decline in selling pressure, hints at a neutral trend, suggesting potential buying opportunities.
Can RNDR Reach $10 in July?
If the bulls manage to overpower the resistance line, RNDR could see its price climb to $7.325 this week. Continued dominance by the bulls could even lead to a test of its $9.450 high in the coming weeks. This would represent a significant increase of over 50% from its current price of around $6.38.
Also Read: Render (RNDR) Price Poised To EXPLODE 1,800%: Analyst Predicts $177 Target
However, if the bears regain control, RNDR could revisit its crucial support level of $5.30 this month. Investors interested in RNDR should closely monitor these technical indicators and broader market trends to make informed decisions.
Overall, despite the current market correction, Render’s price action suggests a potential bullish breakout. Whether it reaches $10 in July remains to be seen, but the coming weeks will be crucial for this AI token.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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