RNDR has captured the spotlight with a remarkable 13.41% surge over the past week, igniting optimism among analysts who foresee the token potentially reaching $30 by August. This bullish sentiment follows a period of consolidation and comes as Bitcoin (BTC) shows signs of recovery, gaining 1.68% in the last seven days. The renewed vigor in the altcoin market has particularly benefited Render (RNDR), which has seen its trading volume soar by 101.13% to $124.4 million. With market sentiment turning positive, experts are now predicting a sustained uptrend for RNDR, driven by increasing buying pressure and favorable technical indicators.

RNDR’s Recent Surge Sparks Optimism Among Analysts

In the last seven days, RNDR surged by 13.41% and jumped 8.65% over the past day. RNDR’s trading volume rose by 101.13% to $124.4 million in the same period. According to CoinMarketCap, RNDR’s market cap has risen 8.63% to $3.03 billion. These recent gains have turned market sentiment optimistic, with analysts starting to predict a sustained uptrend.

A well-known crypto analyst and RNDR investor, @RENDER_DADDY, is anticipating a bull run for RNDR after its recovery. On X (formerly Twitter), he shared, “$RNDR might be at $10 by the end of the week.” He further added, “$RNDR did nearly a 5x from $3 in January this year to March, which took less than 3 months. The next target by August is $30 to $40. Keep waiting for $5—good luck.”

According to this analyst, using RNDR’s historical performance, we can predict its future; thus, after the consolidation phase, the run is likely to repeat history.

RNDR’s Indicators Point to Continued Uptrend

In the last seven days, RNDR’s Money Flow Index surged from a low of 37 to 55 at press time. This continuous rise indicates increasing buying pressure and a continuation of the uptrend.

Additionally, the Moving Average Convergence Divergence (MACD) indicated an uptrend. At press time, the MACD line was above the signal line, signaling a bullish trend and suggesting that prices were positioned to rise. The histogram was also above zero at 0.925, another bullish sign.

An analysis by Santiment indicated a declining exchange inflow in the last seven days, dropping from a high of $1.05 million to a low of $17.3k. Declining exchange inflow means fewer investors are transferring their crypto to sell, reducing selling pressure and supporting higher altcoin prices.

Finally, according to IntoTheBlock, 53% of holders were profitable at press time, which has increased investor optimism. Additionally, a 78% accumulation by large holders showed that investors had confidence in the altcoin’s trend.

RNDR’s Price Outlook: Potential Resistance and Support Levels

At press time, RNDR was trading at $7.84. If the current positive trends are maintained, the altcoin is expected to breach the resistance level of around $7.94.

A breakout from this zone will likely challenge the next resistance level at $8.42 in the short term. With a very strong demand zone around $6.83, any price correction will likely see a decline to a critical support level at $7.30.

Bitcoin’s Recovery and Its Impact on Altcoins

After weeks of decline, Bitcoin (BTC) began to recover, gaining 1.68% in the past seven days and 3.68% in the last 24 hours, trading at $63k at press time. This recovery is good news for altcoins, which have also started to see gains. Among them, Render (RNDR) has benefited from the altcoin market’s rebound.

Bitcoin's resurgence has historically been a precursor to altcoin rallies. As the leading cryptocurrency stabilizes and gains momentum, it often paves the way for altcoins to follow suit. This trend is evident in RNDR's recent performance, where the token has mirrored Bitcoin's upward trajectory.

Technical Analysis: Key Indicators Supporting RNDR’s Bullish Trend

Money Flow Index (MFI)

The Money Flow Index (MFI) is a momentum indicator that uses price and volume data to identify overbought or oversold conditions in an asset. RNDR's MFI surged from a low of 37 to 55, indicating increased buying pressure. This rise suggests that more investors are entering the market, driving the price higher.

Moving Average Convergence Divergence (MACD)

The MACD is a trend-following momentum indicator that shows the relationship between two moving averages of an asset's price. At press time, the MACD line was above the signal line, signaling a bullish trend. The histogram, which represents the difference between the MACD line and the signal line, was also above zero at 0.925, further confirming the bullish sentiment.

Exchange Inflow Analysis

Santiment's analysis indicated a declining exchange inflow, dropping from a high of $1.05 million to a low of $17.3k. A declining exchange inflow means fewer investors are transferring their crypto to sell, reducing selling pressure and supporting higher altcoin prices.

Holder Profitability and Accumulation

According to IntoTheBlock, 53% of RNDR holders were profitable at press time. This profitability has increased investor optimism, as profitable holders are more likely to hold onto their assets, reducing selling pressure. Additionally, a 78% accumulation by large holders showed that investors had confidence in the altcoin’s trend.

Market Sentiment and Analyst Predictions

The recent surge in RNDR has turned market sentiment optimistic. Analysts are now predicting a sustained uptrend, driven by increasing buying pressure and favorable technical indicators.

Analyst Predictions

A well-known crypto analyst and RNDR investor, @RENDER_DADDY, is anticipating a bull run for RNDR after its recovery. On X (formerly Twitter), he shared, “$RNDR might be at $10 by the end of the week.” He further added, “$RNDR did nearly a 5x from $3 in January this year to March, which took less than 3 months. The next target by August is $30 to $40. Keep waiting for $5—good luck.”

Historical Performance

Using RNDR’s historical performance, analysts predict that the token's future could mirror its past. After the consolidation phase, the run is likely to repeat history, potentially reaching $30 to $40 by August.

Potential Resistance and Support Levels

At press time, RNDR was trading at $7.84. If the current positive trends are maintained, the altcoin is expected to breach the resistance level of around $7.94.

Resistance Levels

A breakout from the $7.94 resistance zone will likely challenge the next resistance level at $8.42 in the short term. If RNDR can surpass this level, it could pave the way for further gains, potentially reaching $10 by the end of the week, as predicted by analysts.

Support Levels

With a very strong