RNDR Price Prediction: Can RNDR Outperform the Pack and Reach $12?
Render token (RNDR) has been showing promising signs on the charts, with the formation of a symmetrical triangle pattern. The price of RNDR has successfully broken out of this pattern and has even retested its gains at the 20-day EMA mark. This bullish sentiment is in contrast to the bearish overall market conditions in the crypto industry.
Notably, RNDR has seen a significant surge of over 44% this month alone, indicating a strong accumulation of bullish sentiment. The token has also been consistently making higher highs throughout the month, demonstrating a clear bullish momentum.
As of now, RNDR is trading at $9.92, with a slight intraday drop of 1.20%. Despite this, the token has shown a positive monthly return ratio of 19.30% and a staggering yearly return ratio of 314.30%. The RNDR/BTC pair is currently at 0.000148 BTC, with a market cap of $5.30 billion.
Analysts are optimistic about RNDR’s future performance, speculating that the token might reach the $13 mark in the near term. The TradingView data suggests that RNDR has a chance to retest its 52-week high of $13 and continue spreading its bullish wave in the coming sessions.
Despite the positive outlook, it’s worth noting that some indicators show signs of neutrality. The Momentum Indicator (RSI) curve has entered the overbought zone but recently experienced a negative crossover. Additionally, the intraday trading volume has dropped by over 25.83%, indicating a relatively neutral price movement during the trading session.
Positive development activity has played a significant role in rallying the RNDR price. The token has experienced a consistent surge in development activity, reaching an all-time high (ATH) mark of 0.286, showcasing strong bullish sentiment. RNDR has also gained popularity on social platforms, with significant discussion reports. However, the weekly social volume data has remained relatively flat, hovering around 16.
Furthermore, the upcoming listing of RNDR on the BTC market on May 21st is expected to boost liquidity and potentially impact the token’s price positively in the weeks to come.
Renowned analyst Altcoin Sherpa predicts that RNDR might hold its current price level and reach the $10 mark soon. He highlights the retest of the breakout region and anticipates higher high swings in the near future.
Looking at futures derivative data, it appears to have remained flat, with no significant changes in the intraday price. The open interest activity has experienced a minor change of 0.10%, amounting to $185.86 million in the last 24 hours.
In terms of support and resistance levels, immediate support for RNDR is seen at $9.50 and $9, while key upside hurdles are expected around $10.30, followed by $11.
To summarize, RNDR is currently trading in a bullish bias and has successfully sustained above the 20-day EMA mark. The bullish sentiment remains strong, with indicators pointing towards a potential upswing. However, as with any investment, it is essential to conduct thorough research and consider multiple factors before making any financial decisions.
Disclaimer: The views and opinions expressed in this article are solely for informational purposes and should not be considered as financial or investment advice.