- RNDR has surged 13.41% over the last 7 days.
- The recent surge has analysts predicting an RNDR of $30 by August.
After several weeks of decline, Bitcoin (BTC) is starting to recover, up 1.68% in 7 days and 3.68% in 24 hours, trading at $63,000 at press time.
Bitcoin’s recovery is good news for altcoins. This is because altcoins have also recently started to recover with an upward trend. Render (RNDR) was happy to be a part of the altcoin market recovery.
Over the past 7 days, RNDR is up 13.41%, and over the past day it has jumped 8.65%. During the same period, RNDR’s trading volume rose 101.13%, reaching $124.4 million.
According to CoinMarketCap, RNDR’s market capitalization rose 8.63% to $30.3B.
This recent uptrend has led to optimistic market sentiment and analysts are starting to predict a continued uptrend.
So, @RENDER_DADDY, a well-known crypto analyst and RNDR investor, was expecting an uptrend in RNDR after the recovery. On X (former Twitter), he shared:
“$RNDR could hit $10 by the end of the week.”
He also added:
“$RNDR went from $3 in January of this year to nearly quintupling its returns by March in less than three months. The next target by August is $30-$40. “Wait for your lucky $5.”
According to this analyst, RNDR’s past performance can be used to judge its future. In other words, after the integration phase, the same flow as in the past will be repeated.
What RNDR’s price chart shows
According to AMBCrypto’s analysis, RNDR’s Money Flow Index has surged from 37 to 55 at the time of writing over the past seven days. The sustained rise shows that buying pressure is increasing and the uptrend is continuing.
Source: TradingView
Additionally, the moving average convergence divergence (MACD) also showed an upward trend. At press time, the MACD line was above the signal line, which was bullish and showed that the price was positioned to rise.
Also, the histogram was above 0 at 0.925, which was a bullish signal.
Source: TradingView
Furthermore, AMBCrypto’s Santiment analysis shows that exchange inflows have decreased over the past seven days. Exchange inflows decreased from a high of $1.05 million to a low of $173 million.
A decrease in exchange inflows means that only a small number of investors are switching to selling cryptocurrencies. This reduces selling pressure, which is bullish for altcoin prices.
Source: Santiment
Lastly, according to IntoTheBlock, 53% of holders have made a profit at the time of writing, which has increased investor optimism. The 78% accumulation of large holders showed that investors are confident in the trend of altcoins.
Source: IntoTheBlock
Read our 2024-2025 Render (RNDR) Price Forecast
How strong can RNDR be?
At the time of writing, RNDR was trading at $7.84. If the current positive trend holds, this altcoin will break the resistance level around $7.94.
A breakout of this area will attempt to challenge the next resistance level at $8.42 in the near term. There is a very strong demand area around $6.83, so a price correction would likely push the price down to the critical support level of $7.3.