The crypto market is in anticipation as the RNDR token, native to the Render Network, shows promising signs of a potential breakout. Crypto analysts have analyzed the token’s performance, with some predicting gains soon.
Dark Horseman, a top crypto analyst on X has highlighted RNDR’s potential for substantial growth. The analyst suggests that RNDR/USDT could see gains of up to 120% as it prepares to break out from its parallel channel.
Probably the easiest 120% gain this year as $RNDR / $USDT prepares for its breakout from the parallel channel. Moreover, MACD is turning bullish on @rendernetwork price, indicating a reversal might be on the horizon as the market recovers.If you consider the fundamentals and… https://t.co/GTsWPXzhjO pic.twitter.com/5tgocAn30C
— Dark Horseman (@Dark__Horseman) July 18, 2024
RNDR Indicators Point to Bullish Trend
Dark Horseman’s analysis reveals bullish signals for RNDR. The token’s price trend may be about to revers as indicated by the upward turn in the Moving Average Convergence Divergence indicator. This event adds to the optimism around RNDR’s prospects as it aligns with the general market rebound.
The analyst emphasizes the disconnect between RNDR’s fundamentals and its current price. Dark Horseman argues that the token’s value is lagging behind its underlying potential, indicating room for an upward movement in the coming months.
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Show more +Show less – Grayscale’s Interest Fuels Optimism
Adding to the positive sentiment surrounding RNDR, Crypto Rand, another influential figure in the crypto space, shared insights on the token’s recent performance. The analyst noted that RNDR is consolidating well after breaking out from its downtrend resistance.
Notably, Grayscale, a major player in the crypto investment sector, has recognized RNDR’s potential. The firm has added Render to its Decentralized AI Fund, signaling strong confidence in the project’s future.
$RNDR consolidating nicely here after the breakout on the downtrend resistance.#Grayscale seeing HUGE potential by adding #Render to their Decentralized #AI Fund pic.twitter.com/B00cIFcLZE
— Crypto Rand (@crypto_rand) July 17, 2024
Read also: Have Ripple vs. SEC Settlement Rumors Fueled XRP Price Pump?
Price Action and Market Perfomance
Per data from CoinGecko, however, the token’s price has dipped as at the time of writing. Render trades at $6.46 today with a daily trading volume of $209,690,868. This represents a 5.03% price decline in the last day and a 1.19% price dip in the past week.
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