Render (RNDR) outperformed other top AI cryptos in the last seven days with an impressive 40% pump. While other notable AI coins such as NEAR, GRT, and TAO also experienced gains, their rallies were more modest, ranging from 15% to 25%.
This rally in AI-focused cryptocurrencies has been accompanied by a surge in the stock price of Nvidia (NVDA), a Nasdaq-listed chipmaker widely considered the poster child for AI technology. As the demand for AI-related products and services continues to grow, Nvidia’s hardware solutions have become increasingly valuable, driving up its stock price.
RNDR Price Prediction: Breaking Out of the Descending Channel
On the RNDR/USDT chart, we can observe that after hitting a 2024 yearly high of around $13.8, RNDR started trading within a descending channel, marked by blue lines on the chart below.
However, following this most recent pump, RNDR broke out of this channel and surpassed the $10 resistance level, where the price was previously rejected in late April. At the time of writing, RNDR is trading around $10.6.
The Relative Strength Index (RSI) currently stands at 66, indicating that the asset is in overbought territory, which could suggest a potential pullback or consolidation in the near future.
Render price chart
The Moving Average Convergence Divergence (MACD) line is now below the MACD signal line, signaling a potential bearish crossover. This could indicate that the current uptrend might be losing momentum, and a reversal or correction could be on the horizon.
Additionally, the 200-day moving average (MA) is currently at $5.9. This long-term MA serves as a crucial support level, and if RNDR manages to hold above this level, it could indicate a bullish continuation of the uptrend.
Given the recent breakout from the descending channel and the surpassing of the $10 resistance level, Render token could potentially continue its upward trajectory in the short term. However, the overbought RSI and the potential bearish MACD crossover suggest that a pullback or consolidation phase might be necessary before any further significant gains.
If the RNDR price manages to hold above the 200-day MA of $5.9, it could find support and potentially aim for higher targets, such as the previous yearly (and all time) high of $13.8. Conversely, if the price fails to hold above the 200-day MA, it could potentially retest lower support levels.
5th Scape: A New AR and VR Crypto Project
In other news, YouTube content creator Michael Wrubel shared a video with his 312k subscribers, highlighting a new crypto project called 5th Scape (5SCAPE).
In the video, Wrubel expressed his bullish stance on the project, which focuses on Augmented Reality (AR) and Virtual Reality (VR) technologies.
5th Scape (5SCAPE) is a pioneering project in the AR and VR space, aiming to create the world’s first ecosystem connecting bright minds in these fields.
The project delves into VR games, hardware, and animations, offering an immersive experience that transcends traditional gaming. Its upcoming game ‘MMA Cage Conquest‘ was submitted for listing on the Meta Store on May 2nd.
