In Bitcoin, the decline lasting more than 2 weeks seems to have given way to an increase as of today. Bitcoin (BTC) has shown a 4.68% increase over the last 7 days, which means a 2.48% rise in 24-hour charts, and it continues to stay above the $63,000 level at the time of writing. The recovery in Bitcoin also reflected on altcoins. One of the cryptocurrencies experiencing this rise was RNDR, which has made a significant impact in the AI sector recently.
What is the RNDR Price?
After significant declines, the 5.6% increase in RNDR’s price over the last week pleased investors. The price movement in RNDR over the last 24 hours was 3%, and the price stands at $7.58.
The trading volume of RNDR increased by 60% in the last 24 hours, reaching $134.4 million. The market cap of RNDR stands at $2.95 billion.
The market increases have also influenced analysts’ approaches, leading them to discuss the bullish outlook more. An RNDR investor and analyst @RENDER_DADDY shared his comments on recovery and a new bull phase in an X post:
$RNDR could reach $10 by the weekend. $RNDR nearly quintupled from $3 in January to March. The next target by August is $30 to $40. Keep waiting for $5, good luck.
RNDR Price Outlook
In the last week, RNDR’s Money Flow Index rose from 37 to 55 at the time of writing. This increase in RNDR can be linked to the existing upward pressure in the market.
On the other hand, looking at RNDR’s MACD indicator, the existing upward trend was noticeable. At the time of writing, the MACD line was above the signal level, generally considered a bullish indicator in the market.
Additionally, data from Santiment revealed another important piece of information. The exchange inflows of RNDR dropped from $1.05 million to just $17,300.
It is widely known that decreases in tokens sent to exchanges generally have a positive impact on the market. It should be noted that such a movement in RNDR could potentially lead to a price increase.
Future of RNDR Price
At the time of writing, RNDR is trading around $7.58, with the first obstacle being the $7.94 resistance level.
Considering the market trend and movements specific to RNDR, this level is likely to be surpassed, which could then pose a significant barrier to reaching new highs.
If this level is surpassed, it could trigger a move to $8.42. Conversely, if the price pulls back, it could drop to the support level at $7.3.
