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- The Render (RNDR) price could hit a new all-time high in May if the bulls manage to continue the momentum breaking past the resistance level of $11.38.
- Whale addresses have been withdrawing large number of RNDR tokens from crypto exchanges.
- Render is gaining attention amid surge in discussions around AI tokens.
Render (RNDR) price is on the verge of a potential breakout, with whales withdrawing large amounts of tokens from exchanges. Will the momentum continue?
Render (RNDR) Price Rally
Popular AI coin Render Token (RNDR) is once again in the news amid a strong 40% price rally over the last week. Currently, the Render (RNDR) price is trading just under $10 with its market cap reaching closer to $4 billion.
Render Whales In Strong Accumulation Mode
On-chain data provider LookonChain reported that the recent Render (RNDR) price rally comes on the backdrop of strong whale activity and accumulation. Notable transactions involving the cryptocurrency $RNDR have been observed recently. Users have been withdrawing large amounts of $RNDR from the Binance exchange, resulting in a floating profit of millions.
Surge in AI Token Discussions
According to on-chain data provided by Santiment, there is a notable surge in discussions surrounding artificial intelligence (AI) and big data within the cryptocurrency space. Projects associated with these expanding industries are experiencing significant growth, with $RNDR token witnessing an 11% increase in interest and becoming the top trending asset at present.
RNDR Price Action Ahead
Apart from its 40% gains over the last week, the Render price witnessed a strong rally in Q1 2024 hitting its all-time high in March. The RNDR price has formed a symmetrical triangle pattern on the 1D timeframe, suggesting an imminent breakout. A breakout above the resistance trendline would signal continued bullish momentum, with the potential for the price to test the $11.325 resistance level. Sustaining this level could pave the way for RNDR to target its upper resistance level of $13.840 in the current month. On the flip side, a bearish trend reversal could lead to a loss of momentum, prompting RNDR to test its support level at $8.985.
Conclusion
The Render (RNDR) price is showing strong bullish momentum, backed by whale accumulation and a surge in AI token discussions. If the momentum continues, RNDR could hit a new all-time high in May. However, investors should watch out for potential bearish reversals.
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