Analysts Remain Bullish on Render (RNDR) Despite Potential for Another 18% Dip, Tout it as ‘Best AI Token’
Technical analysis suggests the price of the Render (RNDR) token could be on the verge of another significant dip. However, one analyst remains bullish, declaring RNDR the “best AI token” amid the burgeoning artificial intelligence sector.
Since early March, RNDR has been trading within a descending channel pattern. Its price has dropped from around $13.70 to the current level of $8.70 at the time of writing. A descending channel represents a period of bearish sentiment, with the asset’s price making lower highs and lower lows over time.
For a bullish reversal, traders will be watching for RNDR to break out from the top of this descending channel, which could spur a rally of over 50% toward the $13 level. However, the middle band of the Bollinger Bands indicator, a popular technical analysis tool, is currently acting as resistance, adding another hurdle for the price to overcome.
On the flip side, if RNDR fails to gain upward momentum, there is a chance for an 18% decline. With the price currently testing the top of the descending channel and facing resistance from the Bollinger Bands, there is room for a “free fall” to the bottom of the channel around $7.
Some Analyst Remain Optimistic
Amid this technical outlook, crypto analyst “FemtoXBT” expressed optimism about RNDR’s prospects, calling it the “best AI token.” They stated, “The recent breakout indicates a strong continuation of this uptrend, potentially setting the stage for the token to hit a new all-time high.”
Another analyst, “RENDER_DADDY,” echoed the bullish sentiment, advising investors to “buy fear and uncertainty” in a bull market. They added, “Remember, market makers won’t make it easy for retail even in a bull run, and 2 weeks of sideways action can feel like eternity. Just buy $RNDR or do nothing and wait. I’m buying as you know.”
Render is a decentralized blockchain-based platform that provides rendering services for digital content creation, including 3D animations, visual effects, and more. Its native RNDR token is used to pay for these rendering services and incentivize node operators.
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Show more +As the artificial intelligence industry continues to gain traction, Render’s services could see increasing demand, potentially driving adoption and usage of the RNDR token. However, the asset’s short-term price movements will depend on whether it can overcome the current technical barriers or succumb to further selling pressure.
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