RNDR price has been struggling recently, with key metrics showing it is lagging behind the top three AI-focused cryptocurrencies. Despite its place in the AI space, RNDR has been unable to attract large holders or whales, which are crucial to driving liquidity and price action.
The number of large RNDR holders has dropped significantly since July 2024, indicating a loss of confidence among major players. However, some signs, such as the recent turnaround in BBTrend, suggest that RNDR may still have a chance to recover if it can regain market attention.
RNDR whales won’t come back
RNDR currently faces significant challenges in attracting and maintaining large holders, which is critical to the long-term success of the project. Since July 2024, the number of users holding 100,000 to 1 million RNDR tokens has dropped from 80 to just 30, and has remained at or below 40 since August 8.
This continued decline highlights the lack of interest from whales, who often play a key role in providing liquidity, driving price action and conveying confidence in a token’s potential. When large holders exit a project or fail to enter, it is often a sign of reduced confidence in the asset’s future growth, which can have a knock-on effect and may also cause smaller investors to lose confidence.
Despite its place in the AI-focused cryptocurrency space, RNDR’s inability to attract big players suggests deeper issues with the project’s fundamentals or current market positioning.
Compared to its competitors, RNDR lags behind in several key areas. Over the past week, RNDR has seen the largest price decline, falling 5.32%, even more than FET's 4.23%. At the same time, WLD and TAO saw significant price increases, rising by 12.22% and 12.13% respectively.
This performance gap suggests that RNDR has not taken advantage of the generally bullish trend in the AI cryptocurrency market. In addition, RNDR's 1-week trading volume lags far behind its competitors, 45% lower than the third-place WLD.
Trading volume is a key indicator of market interest and liquidity, and RNDR’s lack of both suggests it is losing investor attention.
RNDR BBTrend’s improvement is a good sign
The latest BBTrend development for RNDR shows that while the indicator remains in negative territory, the current reading of -5.2457 is lower than it has been in recent days. This suggests that while selling pressure is still ongoing, it may be starting to ease.
The lower negative BBTrend may indicate a slowdown in downward momentum, suggesting that RNDR may be regaining attention. However, it is too early to tell and we need to watch closely in the coming days to see whether the softening of this trend will continue or reverse.
BBTrend is a momentum indicator derived from Bollinger Bands. It measures volatility to help determine whether an asset is in a bullish or bearish trend. A negative BBTrend value indicates bearish momentum, while a positive value indicates bullish momentum.
Although still in negative territory, BBTrend is less negative than before, which may indicate that market sentiment for RNDR is stabilizing. If this trend continues and approaches neutrality, it may indicate that interest is increasing and a recovery is expected.
RNDR Price Prediction: Can It Recover $7 in October?
On October 2, the EMA line of RNDR formed a death cross, which means that the short-term EMA line fell below the long-term EMA line, indicating a potential downward trend.
While this pattern generally indicates bearish sentiment, the distance between the EMA lines is still relatively small, which suggests that the downtrend may not yet be fully established or strong. If the gap between these lines widens, it may confirm more significant downward momentum.
EMAs (Exponential Moving Averages) are key technical indicators that smooth price data, giving more weight to recent movements. They help traders identify trends by comparing short-term and long-term averages.
If RNDR’s current downtrend strengthens, the asset could test the key support levels of $4.56 and $4.32, which would mean a potential 15% price drop. However, if RNDR can regain momentum, as suggested by the flattening of BBTrend, it could reverse direction and test the resistance levels of $6.57 or $7.
A break above $7 would mark the highest price since July and could result in a 37% gain, highlighting huge upside potential amid renewed bullish sentiment.
