Altcoins
RNDR increases by 13.41% in the last 7 days and by 8.65% in 24 hours.
- RNDR has increased by 13.41% in the last seven days.
- The recent surge has led analysts to predict that RNDR will hit $30 by August.
After weeks of decline, Bitcoin [BTC] has begun a recovery, with gains of 1.68% in seven days and a 3.68% increase in 24 hours, trading at $63,000 at press time.
Bitcoin’s recovery is good news for altcoins, which have also started to recover with recent gains. As, Give [RNDR] appreciated being part of the altcoin market recovery.
Over the past seven days, RNDR has increased by 13.41%, up 8.65% from the previous day. RNDR’s trading volume has increased by 101.13% to $124.4 million over the same period.
Second CoinMarketCapRNDR’s market cap increased 8.63% to $3.03 billion.
These recent gains have made market sentiment optimistic and analysts have started to predict a lasting uptrend.
So, well-known cryptocurrency analyst and investor RNDR @RENDER_DADDY was eyeing an upside for RNDR after the recovery. On X (formerly Twitter), he shared that,
“$RNDR could hit $10 by the end of the week.”
He further added:
“$RNDR has almost 5x from $3 in January this year to March which took less than 3 months. 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; therefore, after the consolidation phase, the rally will repeat history.
What do RNDR price charts show?
According to AMBCrypto analysis, over the past seven days, RNDR’s Money Flow Index has jumped from a low of 37 to 55 at press time. The continued rise has shown increasing buying pressure and a continuation of the uptrend.
Source: TradingView
Additionally, the moving average convergence divergence (MACD) has indicated 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.
Furthermore, the histogram was above zero at 0.925, which was a bullish signal.
Source: TradingView
Looking deeper, Santiment’s analysis of AMBCrypto has indicated a decline in exchange inflow over the past seven days. Exchange inflow has dropped from a high of $1.05 million to a low of $17.3k.
The decline in exchange inflow means that few 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 press time, adding to investor optimism. A 78% accumulation by large holders showed that investors were confident in the altcoin trend.
Source: IntoTheBlock
Light Render [RNDR] Price forecast 2024-2025
How bullish can RNDR be?
At press time, RNDR was trading at $7.84. If the current positive trends hold, the altcoin will break above 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, in case of a price correction, it will fall to a critical support level at $7.3.