Render (RNDR) token price has played out exactly as I forecasted two months ago. In my article published on May 26, I predicted that the rally was about to end. In hindsight, it is quite evident that it was the exact top of the rally as RNDR crypto experienced a sharp sell-off later.
Altcoins are showing minor gains today despite Bitcoin showing signs of weakness. The biggest cryptocurrency is once again trading below $30,500 after another failed breakout attempt yesterday. Render token is 0.98% up from its previous close and is changing hands at $1.96 at press time.
According to the latest Render news, the project is now exploring support for AI and machine learning stocks. RNP-004 is the latest proposal that has been put forth in this regard. The project’s official Twitter made the revelation.
While the project has very high ambitions covering the aspects of Metaverse and Artificial Intelligence, much of its tech is still under development. This makes it very difficult to predict the Render token price, which has been in a tailspin since its 2021 all-time high.
The latest analysis shows that the RNDR token is forming a head & shoulders pattern on its daily chart. This is a very bearish pattern that often results in major price reversals. However, this pattern only plays out if the price breakdowns below the neckline. This line is shown in red on the following chart.
Render token price prediction will flip bearish if the price breaks below this neckline. Currently, the price is still maintaining the bullish market structure on a higher time frame. A lot depends on Bitcoin’s ability to break above $31,000, and the next few weeks are very critical in this regard.
I’ll keep posting my updated Render token analysis and my personal trades on Twitter, where you are welcome to follow me.
This post was last modified on Jul 13, 2023, 10:01 BST 10:01