- RNDR leads with the most price growth in the last week.
If bullish momentum continues, the token will trade above $11.
As a researcher with experience in analyzing cryptocurrency markets, I find the recent surge in RNDR‘s price growth incredibly intriguing. In just the last week, RNDR has led all other assets with an impressive 40% price increase, according to CoinMarketCap data.
Over the past week, the cost of Render (RNDR) token, which is powered by AI, has experienced a significant increase of more than 40%. Based on information from CoinMarketCap, this digital asset has shown the largest percentage of growth among all cryptocurrencies during this timeframe.
At press time, the altcoin exchanged hands at $10.55.
In a recent update on X, previously known as Twitter, Santiment, a data provider specializing in on-chain analysis, pointed out that the surge in RNDR‘s price over the last week can be attributed to a noticeable increase in social buzz surrounding the cryptocurrency.
One method to quantify an asset’s social presence is by monitoring the number of occurrences across various social media outlets, news websites, discussion forums, and other digital channels.
As a researcher observing trends in financial markets, I have noticed that an uptick in conversation volume around a particular asset is often indicative of a potential price rise, contingent upon the prevailing market sentiment.
Artificial intelligence and big data are experiencing significant growth, leading to a flourishing ecosystem of crypto projects within this industry. One notable project experiencing increased buzz is RNDR, which has seen a surge in conversations (+11%). Additionally, keep an eye on AIOZ, TURBO, CIRUS, and DERI as they are also trending within this sector.
— Santiment (@santimentfeed) May 7, 2024
RNDR’s price growth has also been partly due to the spike in whale accumulation.
As a dedicated crypto investigator, I, Lookonchain, uncovered some intriguing findings while scouring data on platform X. Notably, several prominent whale wallets have withdrawn substantial amounts of RNDR tokens from Binance since early May.
On April 30 and May 1, the account identified as 2/ 0x15CF extracted approximately $7.5 million in RNDR from Binance, leaving it with a present gain of around $2.24 million.
Before making eight transactions with RNDR, seven of which resulted in profits, he boasted an impressive win rate of 85.7% and accumulated a substantial profit of $3.5 million.
— Lookonchain (@lookonchain) May 8, 2024
As an analyst, I’ve discovered that the Ethereum address 0x15CF withdrew approximately 748,898 RNDR tokens, equivalent to around $8 million based on current market prices, from Binance during the time frame spanning from the end of April to the beginning of May.
Per Lookonchain, this address has,
I’ve made seven transactions in RNDR in the past, six of which resulted in profits, giving me a successful rate of approximately 85.7%, and a cumulative earnings of around $3.5 million.
RNDR on a 1-day chart
A look at RNDR‘s daily price chart reveals that investors have been gradually amassing the asset, as indicated by its consistent upward trend. As of now, its crucial technical indicators are pointing upward.
As a researcher investigating the behavior of RNDR‘s altcoin market, I observed that the Relative Strength Index (RSI) stood at 65.81, while its Money Flow Index (MFI) was recorded at 69.55. These specific indicator readings suggested a stronger buying sentiment among RNDR traders compared to selling actions.
As a researcher, I’ve observed that the Elder-Ray Index for RNDR has shown a bullish signal lately. Specifically, it has registered a positive value since May 4th, suggesting growing buying pressure in the market.
This metric reflects the balance of buying and selling pressure for a given altcoin. A positive value indicates that buyers hold more influence over the market. In other words, bullish forces are currently stronger than bearish ones.
Read Render’s [RNDR] Price Prediction 2024-2025
Based on the analysis of Fibonacci Retracement indicators from RNDR, the price of AI token could potentially surge past the $11 mark if the buying force remains strong.
If the bullish prediction proves incorrect and selling pressure increases, RNDR‘s price could dip below $10 to reach approximately $9.74.
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2024-05-09 19:04