Recently, Render (RNDR) has faced significant downward pressure in line with the widespread bearish sentiment affecting the cryptocurrency market. The notable sell-off in Bitcoin has caused a ripple effect that has negatively affected various altcoins, including RNDR. Over the past week, the price of RNDR has fallen by nearly 18%, a clear reflection of the widespread negative market sentiment.
However, Rendar (RNDR) has started to attract increasing attention from analysts and investors, signaling a potential turnaround. As market sentiment gradually shifts to a more optimistic outlook, RNDR has shown resilience by holding support levels, laying the groundwork for a potential upward trajectory.
At the time of writing, the RenderToken is priced at $8.63 with a 24-hour trading volume of $586.14 million and a market cap of $3.19 billion. Despite recent volatility, RNDR price has increased 0.09% over the past 24 hours, showing signs of stabilization and increased investor interest.
Current market trends highlight the complex interplay between major cryptocurrencies like Bitcoin and altcoins like RNDR. Bitcoin’s recent sell-off highlights the vulnerability of altcoins to broader market movements. However, the renewed positive sentiment around RNDR suggests that investors are beginning to recognize the token’s value and potential, despite the recent drop.
Lenders predict bullish trend with strong upside
In a recent analysis, renowned crypto asset analyst Crypto Kindie highlighted the impressive performance of Render Token (RNDR). According to Kindie, RNDR has shown incredible resilience and strength, rebounding over 15% on the daily chart. This strong upward momentum suggests a bullish trend for the token.
Kindy stressed that the final confirmation of this strength would be if RNDR can close the daily and weekly trading sessions above the key pivot point of $9.8-10.Furthermore, a recovery of the daily 50-day moving average (50MA) would further strengthen this bullish stance.
Analysts stressed that a favorable outcome from the Federal Open Market Committee (FOMC) meeting could see the RNDR quickly return to levels above $10, suggesting the possibility of a sharp upswing if market conditions are favorable.
Recent analysis from Changelly supports this optimistic outlook, providing a detailed forecast of $RNDR’s price trajectory in 2024. According to the company’s research, the average price of RNDR in June 2024 will be $9.05. However, the minimum price per token could be $8.64 and the maximum $9.46, indicating stable growth prospects with significant opportunities.
Related Article | Dogecoin (DOGE) Selling of 15.5 Million Coins Raises Concerns, Analyst Predicts Possible Zero Drop
