- RNDR rose 13.41% over the past seven days.
- The recent rise has analysts predicting $30 for RNDR in August.
After weeks of decline, Bitcoin [BTC] started a recovery, gaining 1.68% in seven days and up 3.68% in 24 hours, trading at $63,000 at the time of writing.
Bitcoin’s recovery is good news for altcoins as they too are starting to recover with the recent gains. To that extent, Render [RNDR] has enjoyed being part of the recovery of the altcoin market.
Over the past seven days, RNDR has risen 13.41% and 8.65% over the past day. RNDR’s trading volume rose 101.13% to $124.4 million over the same period.
According to CoinMarketCapRNDR’s market capitalization increased by 8.63% to $3.03 billion.
These recent gains have made market sentiment bullish, with analysts beginning to predict a continued upward trend.
Well-known crypto analyst and RNDR investor @RENDER_DADDY was looking forward to a bull run for RNDR after recovery. On X (formerly Twitter) he shared that:
“$RNDR could be $10 by the end of the week.”
He added:
“$RNDR did almost 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, based on RNDR’s historical performance, we can determine its future; so after the consolidation phase the run will repeat history.
What the RNDR price charts show
According to AMBCrypto’s analysis, RNDR’s Money Flow Index rose over the past seven days from a low of 37 to 55 at the time of writing. The continued rise showed increasing buying pressure and a continuation of the uptrend.
Source: TradingView
Moreover, the moving average convergence divergence (MACD) indicated an upward trend. At the time of writing, the MACD line was above the signal line, which was bullish and showed that prices were in a position 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 that currency inflows have declined over the past seven days. Currency inflows have fallen from a high of $1.05k to a low of $17.3k.
The declining inflows of currency mean that few investors are transferring their crypto sales. This reduces the selling pressure, which is bullish for altcoin prices.
Source: Santiment
Finally, according to IntoTheBlock, 53% of holders were profitable at the time of writing, increasing investor optimism. A 78% accumulation by large holders showed that investors were confident in the altcoins’ trend.
Source: IntoTheBlock
Read Renders [RNDR] Price forecast 2024-2025
How Bullish Can RNDR Get?
At the time of writing, RNDR was trading at $7.84. If the current positive trends continue, the altcoin will break the resistance level at 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 price correction it will fall to a critical support level of $7.3.