RNDR surged by 13.41% in the last seven days after weeks of consolidation, leaving analysts optimistic about a rally up to $30 by August.
After weeks of decline, Bitcoin (BTC) began to recover, gaining 1.68% in the past seven days and 3.68% in the last 24 hours, trading at $63k at press time. This recovery is good news for altcoins, which have also started to see gains. Among them, Render (RNDR) has benefited from the altcoin market’s rebound.
RNDR’s Recent Surge Sparks Optimism Among Analysts
In the last seven days, RNDR surged by 13.41% and jumped 8.65% over the past day. RNDR’s trading volume rose by 101.13% to $124.4 million in the same period. According to CoinMarketCap, RNDR’s market cap has risen 8.63% to $3.03 billion. These recent gains have turned market sentiment optimistic, with analysts starting to predict a sustained uptrend.
A well-known crypto analyst and RNDR investor, @RENDER_DADDY, is anticipating a bull run for RNDR after its recovery. On X (formerly Twitter), he shared, “$RNDR might be at $10 by the end of the week.” He further added, “$RNDR did nearly a 5x from $3 in January this year to March, which took less than 3 months. The next target by August is $30 to $40. Keep waiting for $5—good luck.”
According to this analyst, using RNDR’s historical performance, we can predict its future; thus, after the consolidation phase, the run is likely to repeat history.
RNDR’s Indicators Point to Continued Uptrend
In the last seven days, RNDR’s Money Flow Index surged from a low of 37 to 55 at press time. This continuous rise indicates increasing buying pressure and a continuation of the uptrend.
Additionally, the Moving Average Convergence Divergence (MACD) indicated an uptrend. At press time, the MACD line was above the signal line, signaling a bullish trend and suggesting that prices were positioned to rise. The histogram was also above zero at 0.925, another bullish sign.
An analysis by Santiment indicated a declining exchange inflow in the last seven days, dropping from a high of $1.05 million to a low of $17.3k. Declining exchange inflow means fewer investors are transferring their crypto to sell, reducing selling pressure and supporting higher altcoin prices.
Finally, according to IntoTheBlock, 53% of holders were profitable at press time, which has increased investor optimism. Additionally, a 78% accumulation by large holders showed that investors had confidence in the altcoin’s trend.
RNDR’s Price Outlook: Potential Resistance and Support Levels
At press time, RNDR was trading at $7.84. If the current positive trends are maintained, the altcoin is expected to breach the resistance level of around $7.94.
A breakout from this zone will likely challenge the next resistance level at $8.42 in the short term. With a very strong demand zone around $6.83, any price correction will likely see a decline to a critical support level at $7.30.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
