As a seasoned crypto investor with several years of experience in the volatile market, I have seen my fair share of bull runs and corrections. The current recovery trend in the crypto market, particularly Bitcoin’s 6-day rally to surpass $65,000, has brought renewed optimism and potential for altcoins to follow suit.
The crypto market’s recovery trend is picking up steam, with Bitcoin experiencing a six-day surge to exceed $65,000. This uplifting market mood has led altcoins to indicate bottom formation following their previous correction and potential for further growth. Render price forecast aligns with this perspective as buyers have made a significant turnaround from the $5.6 support level, which is also an essential retracement point.
Render Price Prediction Signals 30% Leap, But There’s a Catch
During the early July market turbulence, the RDNR price displayed a pattern of consolidation around $5.68. This level aligns with the 23.6% Fibonacci retracement point, suggesting a normal pullback for the Render token before its next surge.
It’s intriguing that the entire correction process has been spearheaded by two descending trendlines, forming a flag pattern. If these trends hold true for the correction, the RNDR token stands to gain significantly from an extended bull market.
The price of the asset has surged, rising from $5.68 to $6.7 within a recent timeframe – an increase of approximately 18.4%. This upward trend also lifted the market capitalization to around $2.68. The Relative Strength Index Indicator, which reflects market sentiment, has moved up to 46%, hinting at a potential shift from bearish to neutral sentiments among investors.
Expert here: In a recent tweet, well-known trader Ali Charts drew attention to an impressive achievement by Render Token (RNDR). He pointed out that the number of daily active addresses on the RNDR network had reached a new all-time high. This significant jump represents the most daily active addresses since the token was first introduced.
Recently, there has been a significant increase in the number of daily active addresses on the #Render platform, marking a new record since its launch. This surge may be connected to the upcoming token swap, where all existing $RNDR tokens will be converted to $RENDER.
— Ali (@ali_charts) July 16, 2024
As an analyst, I’ve noticed a significant surge in activity within the Render community, which can be linked back to the imminent token swap from RNDR to RENDER. This trend suggests heightened excitement and increased involvement among community members.
For persistent buyers, the Render price forecast implies a potential 30% surge prior to overcoming the flag pattern’s significant resistance.
Achieving the recovery of key moving averages (EMAs) at 20, 50, 100, and 200 daily levels is a crucial achievement required for a sustainable market rebound.
However, the Render price needs a flag pattern breakout to signal the end-of-correction.
Key Takeaway
In the midst of the market’s bounce back, the Render price forecast presented a promising chance for recovery based on network activity and technical indicators. The emergence of a flag pattern, coupled with a robust correction, might encourage buyers to restore the bullish trend and retake their previous losses.
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2024-07-17 15:14