- Render (RNDR) token sees a significant price surge, leading the crypto market with the most growth in the past week.
- The spike in RNDR’s social dominance and whale accumulation has led to a double-digit rally in its price.
- If the bullish momentum continues, the token is projected to trade above $11.
Render (RNDR) token leads the crypto market with significant price growth, driven by increased social activity and whale accumulation. If the bullish trend continues, the token could trade above $11.
Render (RNDR) Token Experiences Significant Growth
The price of Render (RNDR), an AI-based token, has surged by over 40% in the past week, making it the cryptocurrency asset with the most gains during that period, according to CoinMarketCap’s data. At press time, the altcoin exchanged hands at $10.55. The rally in RNDR’s price has been attributed to a significant uptick in its social activity, as noted by on-chain data provider Santiment.
Social Activity and Whale Accumulation Drive RNDR’s Price Surge
An asset’s social activity is measured by tracking the volume of mentions on social media platforms, news articles, forums, and other online sources. The increase in these conversations often leads to a rally in the asset’s price, depending on the general market sentiment. RNDR’s price growth has also been partly due to the spike in whale accumulation. Crypto sleuth Lookonchain found that a number of whale addresses have made significant RNDR withdrawals from leading exchange Binance since the beginning of May.
Whale Activity and Market Indicators
According to Lookonchain, a whale address, 0x15CF, withdrew 748,898 RNDR tokens (valued at $8 million at current market prices) from Binance between the 30th of April to the 1st of May. This address has traded RNDR 7 times before, 6 of which were profitable, with a win rate of 85.7% and a total profit of $3.5M.
RNDR’s Price Movements and Predictions
An assessment of RNDR’s price movements on a daily chart confirmed its steady accumulation by market participants. At press time, its key momentum indicators trended upward. For example, the altcoin’s Relative Strength Index (RSI) was 65.81, while its Money Flow Index (MFI) was 69.55. At these values, these indicators showed that RNDR traders preferred buying over selling. Further, signaling high bullish pressure in the market, RNDR’s Elder-Ray Index returned a positive value.
Conclusion
Readings from RNDR’s Fibonacci Retracement showed that the AI token’s price might rally above $11 if the bulls continue to exert influence. However, if this bullish projection is invalidated and profit-taking activity gains momentum, RNDR’s price may slip under $10 to trade at $9.74. The future of RNDR’s price will largely depend on the continuation of the current bullish momentum and market sentiment.
