- Render price has soared almost 50% in less than two weeks as the AI crypto coin narrative drives markets.
- RNDR could extend the gains 15% to $7.0000 as AI tokens take center stage ahead of Nvidia earnings.
- The bullish thesis will be invalidated upon a break and close below the 61.8% Fibonacci at $4.7330.
Render (RNDR) price is trading with a bullish bias, recording a series of higher highs and higher lows since the last week of January. From a technical and on-chain perspective, the upside potential for the AI crypto coin may not be over just yet as AI tokens rally ahead of Nvidia earnings.
Also Read: AIT, GRT, OCEAN: Crypto data coins see massive rally alongside Bitcoin and AI tokens
Render eyes $7.0000 psychological level
Render (RNDR) price has soared almost 50% since February 7 before a rejection from the peak of the market range at $6.4350. However, with AI tokens currently taking center stage, the bulls could have a second chance at the roadblock with the potential to boulder through.
The Relative Strength Index (RSI) remains northbound despite RNDR being overbought, suggesting momentum is still rising. This is accentuated by the strong presence of the bulls in the RNDR market, seen with the large volumes of green histogram bars of the Moving Average Convergence Divergence (MACD) and the Awesome Oscillator (AO) in positive territory.
The MACD is also moving above its signal line (orange band) suggesting a new bullish cycle is looming. If the bulls make another go at the roadblock, Render price could shatter past it to hit the $7.0000 psychological level, nearly 15% above current levels.
RNDR/USDT 1-day chart
On-chain metrics support Render price bullish outlook
Data according to Santiment’s daily active addresses metric shows that between February 14 and 19, 167 new or unique addresses have been created for RNDR, moving from 1,141 to 1,308. This points to increasing crowd interaction, which is bullish.
Social dominance and social volume metrics have decreased, however, which is bullish, according to Santiment analysts, who write, “a dangerously low amount of discussions about the asset allows the rest of crypto to surge,” adding, “The times in which crypto is most prone to downturns is when altcoins and sh**coins are the projects traders are actively focused on.”
RNDR Santiment: Daily active addresses, social dominance, social volume
In addition, the volume of transactions metric has recorded a significant spike, moving 139.63 million to 265.14 million between February 17 and 19. This represents almost a 90% surge in less than two days. Coupling this with the drop in supply of exchange from 15.58 to 15.48 in two days, lesser and lesser traders are inclining toward selling RNDR, pointing to reduced short-term sell pressure on the asset.
Meanwhile, the exchange flow balance metric is negative, indicating that more RNDR tokens have flowed out of exchanges than in, translating to a reduced intention to sell.
RNDR Santiment: Volume, Exchange flow balance, Supply on exchanges
On the other hand, if traders start cashing in on the 50% gains, Render price could drop, likely retracing the 78.6% Fibonacci level of $5.4810. In a dire case, the slump could send the AI crypto coin to the 61.8% Fibonacci level of $4.7330, nearly 25% below current levels. A break and close below this level would invalidate the bullish thesis, likely sending RNDR to the 50% Fibonacci level at $4.2070.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin, crypto market remain in uptrend following 25 bps Fed rate cut
Fed Chair Jerome Powell stated that the FOMC lowered the Fed funds rate by 25 basis points. The rate cut comes after Bitcoin reached a new all-time high price upon Donald Trump's election victory. Ethereum and Solana also retained gains of 7% and 4%, respectively, following the rate cut.
XRP sees bullish momentum following $123 million increase in open interest
XRP exchange reserves in Binance and Upbit have declined by nearly $13 million. In the past three days, investors opened over $123 million worth of XRP positions. XRP needs to overcome key descending trendline resistance to stage a rally to $0.6640.
Coinbase launches wrapped Bitcoin token on Solana network
Crypto exchange Coinbase announced on Thursday that it has launched its synthetic Bitcoin token, cbBTC token, on the Solana network, marking its first token issuance on the Layer-1 platform. The new token will allow users to stake Bitcoin on Solana and use it as lending collateral.
Solana Price Forecast: Investors stake $1.3B SOL amid November winning streak
Buoyed by Donald Trump's victory at the polls, the global crypto market entered its third consecutive day on an uptrend on November 7, 2024. Amid the ongoing rally, Solana emerged one of the biggest gainers on Thursday, as demand for native memecoins further propelled market demand for SOL.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.