Render (RNDR) has outperformed other top AI cryptocurrencies over the past seven days, growing an impressive 40%. While other well-known AI coins such as NEAR, GRT, and TAO also saw gains, their gains were more modest, ranging between 15% and 25%.

The rise in AI-focused cryptocurrencies has been accompanied by a surge in shares of Nvidia (NVDA), a Nasdaq-listed chipmaker widely regarded as a poster child for AI technology. As demand for AI-related products and services continues to grow, Nvidia’s hardware solutions have become increasingly valuable, pushing its stock price higher.

RNDR Price Prediction: Breakout of the Descending Channel

On the RNDR/USDT chart, we can observe that after hitting the 2024 yearly high around $13.8, RNDR started trading within a descending channel, as shown by the blue line in the chart below.

However, after the latest rise, RNDR broke out of the channel and broke above the $10 resistance, which was previously rejected in late April. As of this writing, RNDR is trading at around $10.6.

The relative strength index (RSI) currently stands at 66, indicating that the asset is in overbought territory, which could indicate a pullback or consolidation in the near future.

Render price chart

The Moving Average Convergence Divergence (MACD) line is now below the MACD signal line, indicating a potential bearish crossover. This could indicate that the current uptrend may be losing steam and a reversal or correction may be imminent.

Additionally, the 200-day moving average (MA) currently stands at $5.9. This long-term moving average is a key support level, and if RNDR can hold above this level, it could indicate a bullish continuation of the uptrend.

Given the recent break out of the descending channel and above the $10 resistance, the Render coin is likely to continue its upward trajectory in the near term. However, the overbought RSI and potentially bearish MACD crossover suggest that a pullback or consolidation phase may be needed before further significant gains are made.

If RNDR price manages to stay above the 200-day EMA of $5.9, it may find support and potentially target higher targets, such as the previous yearly (and all-time) high of $13.8. Conversely, if the price fails to hold above the 200-day EMA, it could retest lower support.

5th Scape: A new AR and VR crypto project

In other news, YouTube content creator Michael Wrubel shared a video with his 312,000 subscribers highlighting a new crypto project called 5th Scape (5SCAPE).

In the video, Wrubel expressed his bullish stance on the project, which focuses on augmented reality (AR) and virtual reality (VR) technologies.

5th Scape (5SCAPE) is a pioneering project in the fields of AR and VR that aims to create the world’s first ecosystem that connects the brightest minds in these fields.

The project delves into VR gaming, hardware and animation to provide an immersive experience that goes beyond traditional gaming. its upcoming games’MMA cage conquest” was submitted for listing on the Meta Store on May 2.

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