Is Render Posed for a Comeback in the AI Sector?

Render (RNDR), one of the leading AI (Artificial Intelligence) projects, has been underperforming compared to other assets. However, it has shown resilience against other AI coins, maintaining its value while many have dropped by 70-80%.

Are there signs that Render may surge to its all-time highs once again?

Daily time frame analysis

RNDRUSD - 1 Day Time Frame

RNDR has been striving to hold the $5.6 support level without significant bounces, which is concerning. However, in contrast to the overall AI sector, which is declining, RNDR and NEAR are exceptions.

The overall crypto market is bullish, supported by positive economic data released on 7/31/24, and anticipation of the Federal Open Market Committee (FOMC) meeting at 6:00 PM UTC.

This introduces volatility, but the short-term direction for Bitcoin remains upward. The market is healthy with Spot Premium, and Render is expected to outperform in the AI sector as the market rises.

RNDR has encountered resistance at the marked Pivot. A sharp breakout from this resistance could provide a solid entry point. The best risk/reward entry would be at the breakout from the marked Previous ATH. Moreover, the daily 12/21MA bands have not yet turned green.

Once they do, price appreciation is expected. Currently, it may be more advisable to purchase Render once it breaks out above the Pivot, potentially targeting the marked Resistance.

While the AI narrative appears to be waning, the upcoming US Presidential Election narrative could drive interest and investment. Render remains strong, and renewed investor attention in November could spur growth.

Key points to watch

1. Support Level: $5.6

2. Resistance Levels: Pivot and Previous ATH

3. Indicators: Daily 12/21MA bands

4. Upcoming Events: FOMC meeting and US Presidential Election

Render's resilience in the face of a declining AI sector, combined with a bullish overall crypto market, positions it for potential growth. Investors should monitor key levels and indicators for optimal trading opportunities.