Altcoins
The RNDR has increased by 13.41% over the last 7 days and by 8.65% in 24 hours.
- The RNDR has increased by 13.41% over the last seven days.
- The recent surge has led analysts to predict $30 for RNDR by August.
After weeks of decline, Bitcoin [BTC] has started a recovery, gaining 1.68% in seven days and rising 3.68% in 24 hours, trading at $63,000 at press time.
Bitcoin’s recovery is good news for altcoins as they have also started to recover with recent gains. Give back [RNDR] enjoyed participating in the altcoin market recovery.
Over the past seven days, RNDR has increased by 13.41%, and has jumped by 8.65% in the past day. RNDR’s trading volume has increased by 101.13% to $124.4 million over the same period.
According to CoinMarketCapRNDR’s market capitalization increased by 8.63% to $3.03 billion.
These recent gains have turned market sentiment upbeat, with analysts starting to predict a sustained upward trend.
So, well known crypto analyst and investor RNDR @RENDER_DADDY expected a bull run for RNDR after its recovery. On X (formerly Twitter), he shared that,
“RNDR could hit $10 by the end of the week.”
He further added:
“RNDR has almost quintupled from $3 in January of this year to March, which took less than 3 months. The next target by August is $30-40. Keep waiting for $5, good luck.”
According to this analyst, using the historical performance of RNDR, we can determine its future; thus, after the consolidation phase, the race will repeat history.
What RNDR Price Charts Show
According to AMBCrypto’s analysis, over the past seven days, the RNDR Money Flow Index has risen from a low of 37 to 55 at press time. The continued rise has shown increasing buying pressure and a continuation of the bullish trend.
Source: TradingView
Additionally, the Moving Average Convergence Divergence (MACD) was indicating an uptrend. At press time, the MACD line was above the signal line, which was bullish and showed that prices were positioned to move higher.
Additionally, the histogram was above zero at 0.925, which was a bullish sign.
Source: TradingView
Looking further, AMBCrypto’s analysis of Santiment indicated a decline in exchange inflows over the past seven days. Exchange inflows fell from a high of $1.05M to a low of $17.3K.
The decline in exchange flows means that fewer investors are moving their crypto sales. This reduces selling pressure, which is bullish for altcoin prices.
Source: Santiment
Finally, according to IntoTheBlock, 53% of holders were profitable at the time of publication, which reinforces investor optimism. A 78% accumulation by large holders showed that investors had confidence in the altcoin trend.
Source: IntoTheBlock
Read Rendering [RNDR] Price forecast 2024-2025
How optimistic can RNDR be?
At press time, RNDR was trading at $7.84. If the current positive trends continue, the altcoin will break through the resistance level around $7.94.
A breakout from this zone will attempt to challenge the next resistance level at $8.42 in the near term. With a very strong demand zone around $6.83, if there is a price correction, it will drop to a critical support level at $7.3.