- RNDR surged by 13. 41% in the last seven days.
- The recent surge left analysts predicting $30 for RNDR by August.
After weeks of decline, Bitcoin [BTC] started a recovery, with 1.68% gains in seven days and a 3.68% rise in 24 hours, trading at $63k at press time.
Bitcoin’s recovery is good news for altcoins, as they have also started to recover with recent gains. Inasmuch, Render [RNDR] has enjoyed being a part of the altcoin market recovery.
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 $124.4M in the same period.
According to CoinMarketCap, RNDR’s market cap has risen 8.63% to $3.03B.
These recent gains have turned market sentiment optimistic, with analysts starting to predict a sustained uptrend.
So, well-known crypto analyst and RNDR investor @RENDER_DADDY was looking towards a bull run for RNDR after recovery. On X (formerly Twitter), he shared that,
“$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. 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 determine its future; thus, after the consolidation phase, the run will repeat history.
What RNDR’s price charts show
Per AMBCrypto’s analysis, in the last seven days, RNDR’s Money Flow Index surged from a low of 37 to 55 at press time. The continuous rise showed increasing buying pressure and a continuation of the uptrend.
Source: TradingView
Additionally, the moving average convergence divergence (MACD) indicated an uptrend. At press time, the MACD line sat above the signal line, which was bullish and showed that prices were positioned to rise.
Also, the histogram was above zero at 0.925, which was a bullish sign.
Source: TradingView
Looking further, AMBCrypto’s analysis of Santiment indicated declining exchange inflow in the last seven days. Exchange inflow has declined from a high of $1.05M to a low of $17.3k.
Declining exchange inflow means few investors are transferring their crypto sell. This reduces selling pressure, which is bullish for altcoins’ prices.
Source: Santiment
Finally, according to IntoTheBlock, 53% of holders were profitable at press time, increasing investors’ optimism. A 78% accumulation by large holders showed that investors had confidence in the altcoins’ trend.
Source: IntoTheBlock
Read Render’s [RNDR] Price Prediction 2024-2025
How bullish can RNDR get?
At press time, RNDR was trading at $7.84. If the current positive trends are maintained, the altcoin will breach the resistance level of around $7.94.
A breakout from this zone will attempt to challenge the next resistance level at $8.42 in short term. With a very strong demand zone around $6.83, in case of price correction, it will decline to a critical support level at $7.3.
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