RNDR Price Prediction: What Are Analysts Predicting for Render’s Future Potential?
- Linda HamiltonOriginal
- 2024-10-20 00:04:09500browse
Along with the recent developments, various crypto analysts predict RENDER's future via tweets. Crypto Analyst Mr. Patrick Schmitt highlighted his bullish sentiment for Render.
The price of Render (RENDER) has been consolidating close to the trendline support of the symmetrical triangle pattern. It was also hovering around the 50-day EMA support, hoping for a bounce from these crucial levels.
Throughout the week, the RENDER token price remained sideways, showcasing indecision between the bulls and bears in the market. However, the fundamentals and technical indicators hinted that the token might showcase a shift in the market dynamics shortly.
Related Reading: Render Price Analysis: RNDR Attempts To Break Out From Ascending Triangle
As for the recent developments, several crypto analysts have been presenting their predictions for RENDER’s future via tweets. Crypto Analyst Mr. Patrick Schmitt highlighted his bullish sentiment for Render. He stated that the RENDER token might climb to $50-$80 in the short term.
He added that the token could surge 10-15x in terms of liquidity and relation in the industry. Notably, the Render price was retraced over 61% from its March 2024 high of $13.60.
As the majority of Altcoins $RENDER has a huge upside potential here to $50-$80 this cycle. Hitting the ATH in March at $13.53 shows the potential, especially with all the major Partnerships like Apple etc. A good 10-13X potential on a high liquid token. @rendernetwork #DePIN https://t.co/6OovoPC9ky
Another Analyst, MACHINE 4 LPHA, stated, “RNDR can easily reach a $100 Billion market cap this cycle as money pours into AI.”
$RENDER ascending triangle new ATH loading?How is the only AI crypto integrated into APPLE & NVIDIA ecosystem still only $2b mcap? $RNDR can easily reach $100b this cycle as money starts to pour into AI ?? pic.twitter.com/CxFSfIAcWL
The RENDER token has been forming an ascending triangle pattern on its daily chart. A successful close above the horizontal neckline at $7 could propel the token towards the ATH trajectory.
At press time, the RENDER price was trading at $5.31, showcasing flat movements. Over the past 24 hours, the altcoin moved only by -0.14%, showing a lack of volume participation. It had a market cap of $2.75 Billion and a volume-to-market cap ratio of 0.0643.
What Do Technical Indicators and On-Chain Data Say?
The recent on-chain transactions around Render have been very active due to its real use-case in rendering. Token burns have risen to more than double what they were in mid-August. This is due to the increasing usage by 3D artists and studios.
The Render token’s ecosystem is growing steadily. The process of creating virtual content and the demand for decentralized rendering power have increased.
However, the charts depicted that whales and sharks have bought more than 20.5M RNDR tokens. It was roughly $126.3M in only 11 weeks. This accounted for 91% of the total RNDR supply.
This large sum of money suggested that large shareholders believe there’s long-term potential in Render and its AI-token systems. The On-Balance Volume (OBV) showed neutral readings, around 16.47 Million, indicating flat movements.
But the Relative Strength Index (RSI) line rebounded to the midline region, at 47 at press time, signaling mixed cues.
Looking at the daily active addresses data, it showed a rise this week. This significant surge means new addresses have gained interest in the token, which might fuel the network growth.
Amidst the choppy price action, the OI-weighted funding rates stayed positive for the past two weeks.
At press time, the funding rate was around 0.0087%, implying sustained demand for the long positions. The immediate support levels for the RENDER token were $5 and $4.30. At the same time, the resistance levels were $6.20 and $7.
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
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