With the recent fluctuations in the price of Bitcoin, altcoins have started gaining momentum again. While BTC faced resistance, altcoins remained strong. With the increasing risk appetite, cryptocurrencies experiencing double-digit growth can attract new buyers, further intensifying the rallies. RNDR Coin serves as a good example in this regard.
RNDR Coin is on the Rise
Earlier this year, the team declared their intention to increase the token price through updates. The changes in the protocol mechanism, coupled with the sales-driven supply, have led to significant increases in value over the past 11 months. We previously mentioned that this could potentially increase the price of RNDR Coin, and it has indeed done so.
In early October, the price surpassed the $2.2 level, breaking a critical zone that has been both a resistance and support area since March 2021. The level, confirmed as support thereafter, opened the door to a $3.2 peak. The RNDR Coin price reached this zone after 600 days and continues to rise above $3 with a 26% increase at the time of writing.
RNDR Coin Price Prediction
The weekly RSI supports further price increases. Analysts are calculating new highs based on Elliot wave counts. AltStreetBet stated that RNDR is moving towards its all-time high. As the altcoin is currently in the third wave of a five-wave bullish movement (known for significant rallies), it could reach an ATH level.
Wealthwhizkid also predicts an increase in price, attributing it to the decentralized GPU power of Render Network, which may see increased demand amid the global GPU shortage.
“Considering the GPU shortage worldwide, Render Network’s decentralized GPU power can attract more demand.”
Returning to Elliot wave counts, the first potential target is $5.45. If the rally continues, it could rise up to $8. Considering that the ATH level is $8.8, this would be an impressive movement.
Despite the expectations of an upward trend in RNDR Coin, the loss of the horizontal support at $2.2 would weaken the possibility of a rally. In that case, a drop to $1.3 could be observed.
At the time of writing, the price of Bitcoin is $36,846.
