Highlights:
- Render is showing signs of a rebound after weeks of selloff
- RNDR could rally to $10
- Rebound triggered by Bitcoin’s past the $60k mark today
- RNDR’s strong fundamentals could help sustain momentum
Render Token (RNDR) is trading in positive territory today, marking a significant recovery after the recent selloff. When going to press, RNDR was trading at $6.21, up by 1.01%. This bullish momentum is due to Bitcoin’s recent performance, which has injected optimism across the cryptocurrency market.
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Bitcoin’s Influence on Market Sentiment
In the past 24 hours, Bitcoin has soared past the $60,000 mark, a milestone that has significantly influenced market sentiment. This surge in Bitcoin’s price has transformed market sentiment from fear to neutrality. The Crypto Fear and Greed Index, a prominent gauge of market sentiment, shifted from 38 (fear) a few days ago to 45 (neutral). This shift reflects growing investor confidence and has positively impacted altcoins, including RNDR.
Technical Analysis – Render Sending Bullish Reversal Signals
Render’s price action reveals an intriguing battle between bulls and bears. Recently, the RNDR Bears appeared to have lost their grip after breaking through the $6.292 support level. This development suggests that a bullish reversal could be on the horizon. However, to confirm this bullish reversal, RNDR must break through the $6.292 resistance level, now a crucial intra-day resistance point.
Should Render push past the $6.292 resistance, the next significant level to watch is $7. Breaking through this resistance, coupled with Bitcoin maintaining its upward momentum, RNDR could rally to $10 in the short term.
However, failure to breach the $6.292 resistance could lead to two potential scenarios. The first scenario is a consolidation phase, with RNDR trading between the $6.292 resistance and the $5.958 support. The second scenario continues the multi-week bearish trend if Render loses the $5.958 support level.
Among these possibilities, the likelihood of a bullish reversal appears higher. Bitcoin’s continued momentum suggests that it could soon target $70k. This will likely uplift altcoins, especially those with solid use cases like RNDR.
RNDR’s Strong Use Case a Plus
Render stands out among altcoins due to its robust use case in rendering. The token has garnered significant adoption from major corporations, including Apple. Render’s platform offers a decentralized rendering solution, leveraging blockchain technology to provide efficient and cost-effective rendering services. This use case positions Render favorably in the market, particularly as the demand for rendering services grows.
The look 3D artists give after spending days to render but you were done in 20mins because you used @rendernetwork pic.twitter.com/hw9vw0mJSY
— The Render Network (@rendernetwork) July 12, 2024
Clarifying Recent Market Confusion
Render’s recent price volatility was primarily driven by confusion surrounding the upgrade from RNDR to RENDER. Some exchanges did not automatically support the transition, leading to an accelerated selloff last week. However, this issue has since been addressed, with most exchanges clarifying their support for the upgrade. As a result, RNDR is now better aligned with the broader market, sending bullish signals to investors.
What Next for RNDR?
RNDR’s positive performance today, coupled with Bitcoin’s resurgence, highlights the interconnected nature of the cryptocurrency market. As Bitcoin continues to lead the charge, altcoins like Render will likely benefit from the increased market optimism. The key levels to watch for Render are the $6.292 resistance and the $5.958 support. Successfully breaking through the $6.292 resistance could pave the way for a new uptrend, potentially reaching $10 in the short term.
Investors should watch Bitcoin’s performance and market sentiment, as these factors will be crucial in determining the RNDR’s price trajectory. With its strong use case and recent clarifications regarding the RNDR to RENDER upgrade, Render is well-positioned for a potential bullish reversal, offering promising opportunities for investors. It’s one of the top altcoins to buy the dip and hold as the 2024/25 bull rally shapes up.
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