Bitcoin price has rebounded after its recent decline, now above $69,000, while most altcoins are significantly in the red. The overall sentiment in cryptocurrencies is negative due to the Coinbase case. Investors are currently not bold enough to capitalize on the lows, anticipating that the final decision may have larger consequences. So, what do the current predictions indicate for RNDR Coin?
RNDR Coin Commentary
One of the most important indicators for short-term price movements of altcoins is the average coin age. This reveals the current trend to investors and measures the sentiment for a rise. The Average Coin Age (MCA) of RNDR has significantly decreased last week, indicating that investors are avoiding sales.
For RNDR, a continuous decrease in MCA was observed between March 4 and March 20. This was interpreted as profit-taking because the NVIDIA event positively influenced the price. From March 20 to March 26, the MCA began to rise again. This suggests that investors might see current levels as reasonable for potential future gains.
Exchange Supply
Another important detail for price prediction is the movement of supply on exchanges. From February 26 to March 22, the supply of RNDR on exchanges increased substantially, which is quite normal as reflected by the price balancing with profit sales. Investors buy with medium and long-term goals and may need to sell at certain points.
Since the supply started to decrease from March 22 to March 27, we can talk about a trend supporting a price increase, as a similar pattern was also observed on the MCA front.
RNDR Coin Price Prediction
The four-hour chart shows moving EMAs indicating the market’s effort to find balance. There is a weak bullish signal as the short-term moving average attempts to cross above the long-term EMAs. This suggests that a new series of buying pressure for RNDR Coin could begin.
EMAs are technical indicators used to analyze market trends over a specific period. If the initial signals are correct, the RNDR Coin price could climb above the $13.46 all-time high (ATH) level. In a negative scenario, a drop to $10.3 is possible.
