Tin tức Phân tích RNDR is Set to Soar Once More

RNDR is Set to Soar Once More

May 29, 2024 Phân tích
BITmarkets | RNDR is Set to Soar Once More

AI trailblazer RNDR witnessed remarkable growth in 2024, catapulting by as much as than 330% this year's early bull run. After going through a price correction which lasted nearly 6 weeks, RNDR soared once more in May and the cryptocurrency may be set to re-capture all-time highs in June.

Daily time frame analysis

RNDR1D

RNDRUSDT - 1 Day Time Frame

Prior to the geopolitical tensions that increased market volatility, RNDR was in a blow-off top phase. The price has since retreated to its initial coin offering (ICO) levels, and RNDR’s recovery journey is still underway.

Currently, RNDR is testing a previously established support level, with diminishing volatility suggesting a potential correction. This could either occur within the blue range or extend to a low timeframe swing low, marked by a blue line.

If this blue line does not hold, it is crucial to monitor the price until it respects the first marked pivot, which was previously an all-time high.

A second pivot—leading to a Failure To Return (FTR) scenario on a daily timeframe—is extremely unlikely and would not bode well for future prospects. However, it is likely that Render will maintain its current support.

1 Hour time frame insights

RNDR1H

RNDRUSDT - 1 Hour Time Frame

The price has been consolidating near the support level for an extended period, indicating sustained demand. A lower timeframe range has developed, potentially leading to a false breakout which could result in extended consolidation or a correction.

Recent price movements suggest an upward trajectory as it attempts to bounce off the blue line, identified as the Fixed Range Volume Profile. A successful breakout from this blue range could offer a solid entry point, targeting the red area.

Conversely, should the breakout falter, the green area is expected to hold significant demand and would represent an excellent entry opportunity.

Render's future

The AI sector may experience rapid growth as market leaders like Bitcoin and Ethereum gain momentum. Among its peers, Render possesses one of the strongest charts and stands out as a highly promising project.

Its utility in the evolving AI landscape, alongside platforms like Akash Network—which also provides GPU power but through different mechanisms—highlights its potential. Despite growing competition, Render’s visibility and specific applications could drive significant growth.

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