RNDR Price Analysis: RENDER Token Breaks $6 Resistance as AI Narrative Heats Up

Along with FET, another AI crypto is performing well this week, with a 38% pump during this period and a 17% pump today – it's Render.

RENDER (CRYPTO:RENDER) price went up on Monday evening as demand for AI crypto continued rising. The RENDER price was trading at $6.19, which was substantially higher than the lowest point last week. It has also risen by more than 17% in the past 24 hours.

RENDER price pumps 38%

RENDER is a blockchain project that provides decentralized GPU rendering services. It is used by some of the leading companies in the world like Meta, Pixar, and Adobe. The coin has become popular in the past few months as investors cheered the rising demand for AI services.

Investors are also buying RENDER coin because of its performance in 2023. The coin has risen by over 38% in the past seven days and it outperformed other AI coins like Fetch.ai (FET) and SingularityNET (AGIX).

A closer look at the RENDER price chart shows that it has formed a classic cup-and-handle pattern. Usually, this pattern is a bullish continuation formation that signals that the uptrend will continue. The cup is complete and the handle is forming.

The price has also managed to move above the key resistance level at $6. This level was a previous resistance point, as shown in the chart below. Now that it has moved above this resistance, the next key level to watch will be at $10.

On the 4-hour chart, the RENDER price has moved above the important moving averages like the 25-period and 50-period exponential moving averages. The Relative Strength Index (RSI) has also moved above the neutral point of 50.

Overall, the RENDER price is in a strong bullish trend. The price has broken an important resistance level and the technical indicators are bullish. However, there is a possibility that the price will pullback in the coming days.

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