Render token is sending waves through DEPIN, as RNDR’s price fluctuations and trading volumes come to the attention of Santiment analysts.
Last week, the top AI crypto Render (RNDR) rocketed to $8.33 only to crash back to $7.17.
Now, investors are in a state of suspense, waiting for to see if the bull run is back on for AI cryptocurrencies. Well, is it?
Render Trading Volume Spikes—Now What for RNDR Price?
Santiment data shows RNDR’s volume shooting up by 105% in the last day, from $78.17 million to $160.72 million.
More volume typically means more action, but this time, it’s a mixed bag. Despite the buzz, a 4.69% price drop signals more sellers than buyers.
Several indicators hint at potential resistance for RNDR. One such metric is the In/Out of Money Around Price (IOMAP) provided by IntoTheBlock.
This tool identifies areas where buying and selling pressure can act as support or resistance by grouping addresses based on their breakeven points.
As of this writing, 2,760 addresses that purchased 11.35 million RNDR between $7.77 and $8.77 are out of the money.
Additionally, 1,040 addresses in the money bought 6.84 million tokens between $6.84 and $7.77, highlighting potential support levels.
Given the number of addresses holding tokens around these price points, RNDR faces significant resistance at $8.00.
Render Price Moves Come Amid Bullish Reversal in AI Tokens
Adding to the bull case for Render, AI-themed cryptos are roaring back after a rough start to June.
NEAR Protocol, RNDR, GRT, and INJ all gained over 10% this week. RNDR led the pack with a 14.96% surge in just 48 hours, hinting at bullish momentum ahead.
(RNDRUSDT)
But don’t pop the champagne yet. RNDR’s daily chart reveals a descending channel, a bearish sign.
Currently trading at $7.666 and holding the 28th spot in market cap with $2.989 billion, RNDR is still in a precarious position.
DISCOVER: How to Buy Bitcoin Anonymously Without an ID – No KYC – Complete Guide 2024
The Bottom Line: Can RNDR Price Reclaim $10?
If RNDR can bust through the resistance trendline, it might hit the $9.450 mark. A sustained rally could even see it challenge $11.760.
But if the bears take over, expect a drop to $7.325, maybe even $5.30.
The recent bullish turn in AI tokens makes RNDR’s journey all the more interesting. Stay tuned; the fight for the bull run is just getting started.
EXPLORE: How to Make Money with Bitcoin – 99Bitcoins Case Studies
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
