Render token sees 26% rise but faces resistance ahead

Render (CRYPTO:RNDR) experienced a 26% price increase over the past week, showing growth in the crypto AI sector.

However, despite this recent rise, RNDR is behind competitors such as Fetch.ai (CRYPTO:FET), Bittensor (CRYPTO:TAO), and Worldcoin (CRYPTO:WLD) in important areas like social engagement and trading volume.

This lag may affect its future performance as the market for AI-related cryptocurrencies becomes more competitive.

According to data from Santiment, RNDR holds the position of the third-largest AI token by market capitalisation but ranks fourth in social dominance, trailing behind FET, TAO, and WLD.

Over the last month, RNDR’s 19% price growth is lower than FET’s 39.84%, TAO’s 81.52%, and WLD’s 37.27%, suggesting that RNDR may struggle to maintain its momentum.

The Bollinger Bands Trend (BBTrend), which tracks market volatility, has been positive for RNDR over the last six days.

However, recent declines in this trend may indicate a potential slowdown.

If this trend continues, RNDR could face resistance, particularly in the $6.72 to $8 range, where many holders may look to sell their tokens.

The Global In/Out of the Money (GIOM) metric also points to resistance levels around these price points.

If RNDR can break through $7, it may test higher levels at $8.03 or beyond.

On the downside, if the price weakens, support levels are seen at $6.03, with potential to fall further to $5.54.

At the time of writing, the Render price was $6.67.