Render Token (RNDR): Is a price breakout imminent?

The Render Token (RNDR). once again ranked among the top 100 most important altcoins in recent days.

After a price consolidation in previous months, which caused Render Token (RNDR) to correct back to $1.30 USD, the price of RNDR recently rebounded by 35 percent to currently $1.74 USD.

With a 3 percent price gain over the past 24 trading hours, Render Token is one of the biggest price gainers among the top 100 altcoins. RNDR's price is also one of the best performers among the 100 largest cryptocurrencies in a week-over-week comparison, up a whopping 15 percent.

Render its GPU power provides multiple functions

In addition to being integrated into the Apple ecosystem in the summer of 2023, the Render network with its GPU power could be increasingly used for rendering and artificial intelligence (AI) training in the future.

If the RNDR share price manages to break out above the current resistance zone, a further upside potential is activated towards $2.21 USD. This zone was always highly relevant in 2023. The share price is likely to fail here on the first attempt.

If the bulls manage to stabilize Render Token above this strong resistance, investors will focus on the medium-term price target of USD $2.67. Only if this zone can also be broken, a further rise to the higher price target of USD 3.21 is conceivable. This zone last acted as a strong resistance level in April 2022.

On the other hand, if the price of RNDR turns south at current resistance and then breaks through the intermediate low of USD 1.47, a retest of the recent low of USD 1.38 can be expected. It is imperative that the bull side undercuts this important support level. Otherwise, there is a risk of a pullback to the low of USD 0.90 in March 2023.