RNDR Price Position Triggers AI Token Rally Up to 40%

Bittime - RNDR price position triggered AI token rally of up to 40%. RNDR is currently becoming a favorite in the AI ​​token sector.

However, who would have thought that RNDR would actually be the catalyst for the rally of other AI tokens by up to 40%?

Alleged Resistance of RNDR and AI Tokens

The AI ​​token saw a 55% decline after hitting its annual high in March, amid a crypto market correction. 

In contrast to most of the other coins, the AI ​​token did not show a higher low, but instead hit a low in May.

Despite the decline, the AI ​​token saw a rally driven by RNDR, rising by 40% from its lows. 

However, the fact that the AI ​​token is still holding within an important resistance level raises the question of whether it will be able to break through the level to confirm a reversal, or whether a new decline will occur.

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Performance Comparison of AI Tokens with Memecoin

Memecoin's performance has been in the spotlight with its best performance in almost a year. In March, they became leaders in the crypto market, followed by Gaming Tokens. 

However, its performance saw a decline in April, while large-cap Layer-1 tokens saw significant growth.

This has led to the notion that more speculative investments such as memecoins tend to perform better during positive market periods, while more established projects tend to outperform during correction phases.

Source: https://www.ccn.com/

This hypothesis is further strengthened by looking at the recovery since May 5. Memecoin (in red) has seen an increase of more than 30%, followed by AI token with an increase of 21% (in white). 

No other narrative experienced double-digit increases. Interestingly, Layer-1 is the laggard in their performance so far in May.

Also Read: Chainlink Price Prediction: Top Analyst Shares When and LINK Price Target

While AI tokens are not as speculatively risky as memecoins, their capitalization is smaller compared to other sectors such as Layer-1 or Ethereum beta. 

Of the AI ​​token basket, only NEAR Protocol managed to rank among the top 20 cryptocurrencies based on their market capitalization.

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AI Token Resistance Trends

The AI ​​token basket has rallied nearly 40% since bottoming on May 1, hitting a 49-day descending resistance trendline. 

The difference in this increase compared to previous periods is due to the comparison of several narratives that measure prices from daily closes, not from absolute lows.

This trend line has been there since the start of the correction on March 18. Therefore, a break of the line will confirm that the correction is over.

Source: https://www.ccn.com/

Even though there has been no breakout, the price movement is still bullish as it managed to reclaim the horizontal support of $60 and the 0.618 Fibonacci retracement support level.

In looking at the token price movement in this basket, RNDR is clearly the leader (in blue), followed by GRT (in yellow).

With the ASI merger, AGIX & ​​OCEAN prices will likely remain stable until the merger occurs on May 24. 

Additionally, FET is likely to maintain a price of 2.43 times that of AGIX & ​​OCEAN, explaining the similarity of their rate of increase.

Source: https://www.ccn.com/

What is interesting is that NEAR showed the most minimal recovery since May 1, despite being one of the biggest gains among AI tokens in April. 

One reason may be because NEAR bottomed on April 13th and then created a higher low in May, unlike other tokens that only bottomed out on May 1st.

RNDR Double Bottom Scenario Results in Breakout

The action in RNDR price displays many bullish indications, starting with the formation of a double bottom pattern between April 13 and May 1. 

This double bottom is combined with a bullish divergence in the daily RSI and MACD, which strengthens its significance.

After the double bottom pattern, RNDR managed to break the descending resistance trendline and then managed to reclaim the 0.382 Fib retracement resistance level as well as the horizontal resistance area at $9.15.

Source: https://www.ccn.com/

In addition to the bullish price action, the RSI has risen above 50 while the MACD is above 0. 

Therefore, all indicators point to the possibility of a continued rise in the price of RNDR. If this scenario occurs, the next resistance is expected to be around $12, representing a 20% upside from the current price.

On the other hand, if there is a close below $9.15, this could threaten the uptrend. In that scenario, RNDR could see a 25% decline and validate the resistance trendline around $7.50.

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AI Token Key Momentum

Although there has been a marked increase since May 1, the AI ​​token basket is still at an important resistance level. 

Therefore, to confirm a bullish trend reversal, further validation is required. This can also be seen from the different individual price movements of AI tokens. 

RNDR is an exception, because apart from being an AI token, it has broken out of its main resistance area.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum asset purchase at Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn Complete Guide How to Buy Crypto on Bittime . 

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.