Render Price Prediction: During the early May recovery phase in the crypto market, the Render stood out as one of the top performers. The altcoin rebounded from combined support of $0.7 and a 50% retracement level propelled the asset value by 55% to hit a high of $10.85. A closer examination of the daily chart reveals the upswing as a double-bottom pattern, suggesting the possibility of further upward movement in the near future.
Also Read: FET Vs Render: Which AI Altcoin to Buy, Sell or Hodl in May?
Render Price Prediction: Double Bottom Formation Signals Renewed Buying Sentiment
Amid the recent correction, the Render price discovered solid support at the $7 mark. This pivotal level coincides with the 50% Fibonacci retracement level but also intersects with a longstanding support trendline, establishing a robust accumulation zone favored by buyers.
Utilizing the aforementioned support as base support, the RNDR price develops a bullish reversal pattern called a double bottom in daily charts. This reversal pattern is commonly observed in local market bottoms signaling renewed buying sentiment among market participants.
On May 5th, the Render price gave a bullish breakout from the $9.76 neckline resistance, favoring buyers to lead a higher rally.
Moreover, a recent update from crypto analytics firm Santiment highlights that the surge in AI and Big Data projects within the crypto space continues to gain momentum. Notably, RNDR has emerged as the top trending asset reclaiming its position above $10. This surge in interest underscores the growing significance of projects within this expanding industry landscape.
The #AI & #BigData surges continue, as #crypto projects related to the expanding industry continue to blossom. $RNDR (+11%) is seeing rapidly rising conversations as the top trending asset currently. Keep an eye on $AIOZ, $TURBO, $CIRUS, & $DERI also. https://t.co/pJBNqXUjzc pic.twitter.com/lZmSmGMGX9
— Santiment (@santimentfeed) May 7, 2024
With the Bitcoin price reverted from $65000, the altcoin market witnessed overhead supply, encouraging the intraday of 2% in Render token.
If the retest showcases its sustainability above breach $9.75 support, the buyers could drive a rally to $12, followed by $13.8.
Technical Indicator
- BB Indicator: The upper band of the Bollinger Band indicator challenge on the upside project the buyers are active towards accumulating this asset.
- Average Directional Index: The ADX slope upswing at 20% indicates the prior correction helped RNDR price to replenish bullish momentum for a prolonged rally.
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