Sign Up on MEXC
Highlights
- The fast-moving 20-day EMA slope offers dynamic resistance against buyers to maintain the current correction.
- The $5.68 support coincides closely with the 23.6% FIB level, bottom trendline, and 20M EMA, creating a high accumulation zone for investors.
- The intraday trading volume in RNDR is $182 Million, indicating a 44.6% loss.
The recovery trend in the crypto market continues to gain momentum as Bitcoin shows a 6-day rally to surpass the $65000 mark. Amid the renewed market sentiment, the altcoin market has projected the bottom formation of the last correction and potential for the next leap. Render price prediction supports this theory as the buyers carried a sharp reversal from $5.6 support coinciding with the key retracement level.
Render Price Prediction Signals 30% Leap, But There’s a Catch
Amid the early July market uncertainty, the RDNR price showcased a consolidation trend seeking support at $5.68. The horizontal level coinciding with the 23.6% Fibonacci retracement level indicates a healthy retracement for the Render token before the next leap.
Interestingly, the entire correction phase has been led by two downsloping trendlines revealing the formation of a flag pattern. If the identical is corrected, the RNDR token is better positioned for a prolonged bull run.
A recent reversal from the $5.68 has uplifted the asset by 18.4% to reach $6.7, while the market cap reached $2.68. The rising price pushed the Relative Strength Index Indicator to 46% suggesting a switch toward a bearish to neutral market sentiment.
Renowned trader Ali Charts recently highlighted a significant milestone for Render Token (RNDR) in a tweet, noting a record surge in daily active addresses. According to Ali Charts, this remarkable increase marks the highest level of daily active addresses since the token’s launch.
#Render recently saw the highest surge in daily active addresses since launch! This spike could be linked to the upcoming swap of all $RNDR tokens to #RENDER! pic.twitter.com/KOG0K08J06
— Ali (@ali_charts) July 16, 2024
The spike in activity is being attributed to the upcoming swap of all RNDR tokens to RENDER, signaling heightened interest and engagement within the Render community.
With sustained buyers, the Render price prediction hints at a 30% rally even before challenging the key resistance of the flag pattern.
The potential recovery will regain crucial daily EMAs (20, 50, 100, and 200), a significant milestone needed to drive sustainable recovery.
However, the Render price needs a flag pattern breakout to signal the end-of-correction.
Key Takeaway
Amid the market recovery, the Render price prediction showcased a suitable opportunity to rebound as per network activity and technical analysis. The formation of the flag pattern along with healthy retracement could bolster buyers to recuperate the bullish momentum and regain the lost ground.
Frequently Asked Questions (FAQs)
1. What are daily active addresses in cryptocurrency?
2. What does Render solve?
3. Will RNDR Hit an All-Time High in 2024?
- SEC’s Paul Atkins Pushes for On-Chain Capital Raising Without Uncertainty
- SEC Delays Decision On Staking For BlackRock’s Ethereum ETF
- SEC Delays Decision on Franklin Templeton’s Solana and XRP ETFs
- BNB Hits New ATH As Binance Partners With $1.6T Franklin Templeton
- Crypto Market, S&P 500 Rally as PPI Data Fuels Rate Cut Hopes
- Pump Price Forecast as $12M Buyback Fuels Scarcity — Is $0.01 in Sight?
- SUI Price Prediction as Mysten Labs Meets SEC Ahead of ETF Decision—Is $7.5 Next?
- Can Dogecoin Price Hit $1 as Derivative Volume Jumps Ahead of DOGE ETF Launch
- Bitcoin Price Prediction Eyes $150K as Trump Calls for Aggressive 100 BPS Rate Cut
- Solana Price Prediction: Can Nasdaq Listing and $94M Holdings Propel SOL Toward $400?
