Render Price Prediction As Active Addresses Set Resounding Record
The recovery trend in the crypto market continues to gain momentum as Bitcoin shows a 6-day rally to surpass the $65000 mark. Amid the renewed market sentiment, the altcoin market has projected the bottom formation of the last correction and potential for the next leap. Render price prediction supports this theory as the buyers carried a sharp reversal from $5.6 support coinciding with the key retracement level.
Render Price Prediction Signals 30% Leap, But There’s a Catch
Amid the early July market uncertainty, the RDNR price showcased a consolidation trend seeking support at $5.68. The horizontal level coinciding with the 23.6% Fibonacci retracement level indicates a healthy retracement for the Render token before the next leap.
Interestingly, the entire correction phase has been led by two downsloping trendlines revealing the formation of a flag pattern. If the identical is corrected, the RNDR token is better positioned for a prolonged bull run.
A recent reversal from the $5.68 has uplifted the asset by 18.4% to reach $6.7, while the market cap reached $2.68. The rising price pushed the Relative Strength Index Indicator to 46% suggesting a switch toward a bearish to neutral market sentiment.
Renowned trader Ali Charts recently highlighted a significant milestone for Render Token (RNDR) in a tweet, noting a record surge in daily active addresses. According to Ali Charts, this remarkable increase marks the highest level of daily active addresses since the token’s launch.
#Render recently saw the highest surge in daily active addresses since launch! This spike could be linked to the upcoming swap of all $RNDR tokens to #RENDER! pic.twitter.com/KOG0K08J06
— Ali (@ali_charts) July 16, 2024
The spike in activity is being attributed to the upcoming swap of all RNDR tokens to RENDER, signaling heightened interest and engagement within the Render community.
With sustained buyers, the Render price prediction hints at a 30% rally even before challenging the key resistance of the flag pattern.
The potential recovery will regain crucial daily EMAs (20, 50, 100, and 200), a significant milestone needed to drive sustainable recovery.
However, the Render price needs a flag pattern breakout to signal the end-of-correction.
Key Takeaway
Amid the market recovery, the Render price prediction showcased a suitable opportunity to rebound as per network activity and technical analysis. The formation of the flag pattern along with healthy retracement could bolster buyers to recuperate the bullish momentum and regain the lost ground.
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