- RNDR surged by 13. 41% in the last seven days.
The recent surge left analysts predicting $30 for RNDR by August.
As a seasoned crypto investor with a few years of experience under my belt, I’m excited about the recent surge in RNDR‘s price. The altcoin market, including RNDR, has experienced a significant recovery after Bitcoin’s [BTC] recovery from its weeks-long decline. In the past seven days, RNDR surged by an impressive 13.41%, and over the last day, it jumped by 8.65%.
Following several weeks of decrease, Bitcoin [BTC] has rebounded. Over the past week, it experienced a 1.68% upward trend, and within the last day, there was a 3.68% surge. At the moment of reporting, its value stood at $63,000.
The bounce back of Bitcoin is beneficial for altcoins, including Render (RNDR,) as they too have recently experienced gains. In this regard, RNDR has profited from the upswing in the altcoin market.
Over the last week, RNDR experienced a significant increase of 13.41 %, and more recently, it saw a substantial rise of 8.65 % within just the past day. The trading volume for RNDR has dramatically spiked by 101.13% to reach $124.4M during this period.
According to CoinMarketCap, RNDR’s market cap has risen 8.63% to $3.03B.
Lately, these market advances have shifted the general outlook to positive, prompting analysts to forecast a prolonged upward trend.
Renowned cryptocurrency analyst and RNDR investor @RENDER_DADDY expressed optimism about a potential bull market for RNDR following its recovery. He voiced this perspective on X, previously known as Twitter.
“$RNDR might be at $10 by the end of the week”.
He further added,
As a crypto investor, I’ve seen some impressive gains with RNDR this year. In just three short months between January and March, the price nearly quintupled from $3 to around $15. Now, I’m setting my sights on even higher targets. By August, I believe RNDR could reach prices between $30 and $40. All I can say is, stay patient and keep your fingers crossed for that next big milestone of $5. Good luck to us all!
As an analyst, I would examine RNDR‘s past trends to forecast its future behavior. Following a period of consolidation, I anticipate that the price trend will mirror its historical pattern.
What RNDR’s price charts show
According to AMBCrypto’s assessment, over the past week, the Money Flow Index (MFI) for RNDR experienced a significant increase from a low of 37 to 55 as of now. This upward trend indicates growing buying activity and suggests the continuation of the bullish momentum.
As a crypto investor, I closely monitor the moving average convergence divergence (MACD) indicator to identify trends in the market. Currently, the MACD line is hovering above the signal line, signaling an uptrend. This bullish alignment suggests that prices are primed for further growth based on historical market data.
Also, the histogram was above zero at 0.925, which was a bullish sign.
Upon closer examination, Santiment’s assessment by AMBCrypto revealed a decrease in exchange inflows over the past week. The inflows dropped significantly from a peak of $1.05 million to a minimum of only $17,342.
Fewer investors are moving crypto they’ve sold into the market, resulting in a decrease in incoming trades. This diminishes the amount of supply available for purchase, which can be beneficial for the prices of alternative cryptocurrencies.
At present, IntoTheBlock reports that over half (53%) of coin owners realized a profit, boosting investor sentiment. Furthermore, large-scale investors amassed 78% of the tokens, signaling their belief in the upward trend of these altcoins.
Read Render’s [RNDR] Price Prediction 2024-2025
How bullish can RNDR get?
As of the moment this article is published, RNDR was priced at $7.84 in cryptocurrency exchanges. Should the ongoing favorable tendencies persist, it’s predicted that the altcoin could surpass its resistance point set around $7.94.
In the short term, if there is a breakout from this price range, it will aim to surmount the next resistance level at $8.42. On the other hand, with a robust demand area situated around $6.83, there is a possibility of correction resulting in a decline to a significant support level at $7.3.
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2024-07-01 17:12