Market
Render (RNDR) Price Strengthens, Yet Challenges Remain
Render (RNDR) price has surged by 26% over the last week, establishing it as a key player in the booming crypto AI sector. However, despite this strong price growth, RNDR is lagging behind its top competitors in critical metrics like social dominance and trading volume. Tokens such as FET, TAO, and WLD have captured more market attention, raising questions about RNDR’s long-term momentum.
Indicators, including the Bollinger Bands Trend and Global In/Out of the Money, signal that RNDR may face significant resistance ahead. As the coin’s upward momentum begins to cool, the next few weeks will be crucial for RNDR’s price.
Is RNDR Being Left Behind In the Crypto AI Race?
RNDR has solidified its position as one of the most prominent players in the crypto AI space, riding on the wave of increased interest in artificial intelligence coins. Over the last seven days, RNDR’s price has seen an impressive 26% increase, reflecting strong market demand. However, when placed alongside the top five AI coins, the picture becomes more complex.
Despite its ranking as the third-largest AI token by market cap, RNDR ranks only fourth in terms of social dominance. That suggests it’s not garnering the same level of attention or hype as some of its competitors. Players like FET, TAO, and WLD have captured more of the public’s focus, leaving RNDR to compete for visibility, only outperforming AKT in terms of attention.
This underperformance in social dominance aligns with its relative price growth. Over the past month, RNDR has risen by 19%, a respectable gain but still lagging significantly behind FET (up 39.84%), TAO (up 81.52%), and WLD (up 37.27%).
Once again, RNDR only outpaces AKT, which trails behind the rest. The same trend can be observed when looking at trading volume.
Read More: Render Token (RNDR) Price Prediction 2024/2025/2030
While RNDR attracted $2.25 billion in trading volume last month, this figure is notably lower than that of FET, TAO, and WLD. This suggests that the broader market interest and liquidity are flowing more heavily toward its competitors.
These dynamics indicate that while RNDR is undeniably a key player in the AI and crypto segment, it is struggling to maintain momentum against its fiercest rivals. This disparity in social engagement, price performance, and volume could signal potential headwinds for RNDR price in the near future.
Without a significant uptick in market attention or renewed catalysts to drive interest, RNDR’s current underperformance relative to its competitors might dampen its price trajectory in the weeks to come. In a market as sentiment-driven as crypto, the ability to capture attention is crucial. RNDR’s comparative lack of visibility could hinder its long-term performance despite its possible solid fundamentals.
RNDR Bollinger Bands Trend Could Be Cooling Off
The Bollinger Bands Trend (BBTrend) for RNDR has remained positive for the last six days, rising sharply from 0.36 to 18, mirroring its recent price growth.
Bollinger Bands Trend is a technical indicator used to measure market volatility and trend strength. It is based on the concept of Bollinger Bands, which plot two standard deviations away from a moving average.
When prices are consistently near the upper band, it suggests a strong bullish trend. However, a move toward the lower band can indicate potential bearishness.
The BBTrend specifically looks at how the bands are expanding or contracting to signal whether volatility is increasing or decreasing, which often hints at potential price movements.
While the BBTrend has shown positive growth recently and is still positive, around 12, it has started to decline in the last few days. This drop in the indicator could be a warning sign that the upward momentum might be slowing down.
If the BBTrend continues to decrease, it may suggest a potential shift in the current price trend. This shift may signal a reversal or consolidation period for RNDR.
On the other hand, if the BBTrend recovers and turns back upward, it could reinforce the bullish momentum. This shift may lead to further price gains. The coming days will be crucial in determining whether RNDR can maintain its positive trend.
RNDR Price Prediction: Correction Ahead?
The RNDR Global In/Out of the Money (GIOM) indicator reveals strong resistance levels ahead, particularly in the $6.72 to $8 range. This range indicates that a significant number of RNDR holders purchased at these price levels. As a result, there could be potential selling pressure when the price approaches these points.
GIOM is a key metric that shows how many token holders are either “in the money” (holding tokens at a profit based on current prices) or “out of the money” (holding tokens at a loss). If RNDR can break through the $7 mark, it could potentially test higher levels at $8.03 and even $9.91.
Read More: How To Buy Render Token (RENDER) and Everything You Need To Know
When many holders are in the money at a certain price level, it often forms a resistance point, as they may sell to secure profits. Conversely, when a large portion of holders are out of the money at lower price levels, this forms support. That happens because fewer are willing to sell at a loss, limiting downward pressure.
On the downside, RNDR price support levels appear weaker. If the price drops to $6.03, it could retrace further, potentially sliding to $5.54 or even below $5. This suggests that RNDR has stronger barriers to overcome on the upside than it does on the downside.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
XRP Price Ready to Rally? Signs Point to a Bullish Move
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Market
Solana (SOL) Rallies Strongly, Setting Sights on $200
Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.
- SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
- The price is now trading above $172 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to rise if it clears the $192 resistance zone.
Solana Price Starts Fresh Rally
Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.
There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.
Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.
The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.
Another Dip in SOL?
If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.
A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $188 and $185.
Major Resistance Levels – $192 and $200.
Market
Will Bulls Push It Higher?
Ethereum price started a fresh surge above the $2,650 resistance. ETH is up over 10% and might aim for a move above the $2,850 resistance.
- Ethereum started a fresh surge above the $2,650 resistance zone.
- The price is trading above $2,700 and the 100-hourly Simple Moving Average.
- There is a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it settles above $2,850 and $2,880.
Ethereum Price Extends Surge
Ethereum price started a fresh increase above the $2,550 resistance like Bitcoin. ETH was able to climb above the $2,550 and $2,650 resistance levels to move into a positive zone.
It even surged above the $2,720 level in the past few sessions, beating BTC. It is up over 10% and there was a move above $2,800. A high is formed at $2,848 and the price is showing signs of more upsides. It is holding gains above the 23.6% Fib retracement level of the upward move from the $2,357 swing low to the $2,848 high.
Ethereum price is now trading above $2,700 and the 100-hourly Simple Moving Average. There is also a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,850 level. The first major resistance is near the $2,880 level. The main resistance is now forming near $2,950. A clear move above the $2,950 resistance might send the price toward the $3,000 resistance.
An upside break above the $3,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,250 resistance zone.
Are Dips Supported In ETH?
If Ethereum fails to clear the $2,850 resistance, it could start a downside correction. Initial support on the downside is near the $2,800 level. The first major support sits near the $2,720 zone and the trend line.
A clear move below the $2,720 support might push the price toward $2,650. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,500.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,850
Major Resistance Level – $2,720
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