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Render (RNDR)

Render Token’s Rocket Ride: 63% Surge In 12 Days Ignites Crypto Community’s Attention

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In a tweet, Santiment, a prominent crypto analytics platform, recently highlighted the remarkable surge of Render Token (RNDR). Over the course of just 12 days, RNDR experienced an impressive price rally of over 63%, propelling it to the 45th spot in the cryptocurrency market caps. 

This newfound momentum has prompted industry experts to delve into the details of RNDR’s latest surge, as well as explore the influence of large investors and the broader crowd sentiment.

Santiment’s latest insight report reveals that Render Token may have flown under the radar earlier this year, but its current standing as the 45th largest cryptocurrency by market capitalization demands attention. 

The surge in RNDR’s price was accompanied by increased trading activity and on-chain transaction volume, indicating growing interest and participation in the asset.

In the past 24 hours, RNDR stood out as the only asset in the top 100 cryptocurrencies to achieve double-digit growth. This trend has persisted throughout May, suggesting that the rally may not be losing steam just yet.

Rising Shark & Whale Addresses: A Positive Sign for Render Token?

However, it is important to exercise caution as whale transactions involving large-scale investors have spiked to their third-highest level in the past month. While such spikes often indicate profit-taking, previous instances of $100k+ whale spikes in RNDR resulted in continued price increases.

Further supporting the theory of an ongoing rally, the number of key shark and whale addresses associated with RNDR continues to rise. Notably, addresses holding 1 million to 10 million RNDR tokens are increasing rapidly, reaching a historical high of 90 addresses. It suggests that if whales were indeed profit-taking, the number of addresses would not be climbing.

On the other hand, there is a need for caution regarding the enthusiasm exhibited by the trading crowd towards RNDR. Render’s social dominance, representing the proportion of discussions related to the asset in the top 100 market cap projects, has surged to 0.4%. 

While this may seem insignificant, considering the normal resting state of 0.1%, it indicates a potentially alarming discovery by the crowd, which could lead to a short-term price peak.

As RNDR continues to capture attention with its impressive performance, market observers remain vigilant for potential market shifts and the impact of crowd sentiment on its future trajectory.

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Weekly Market Watch: Bitcoin & Ethereum Rally, Altcoins Shine

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Over the past week, the cryptocurrency market has experienced a surge of optimism as both Bitcoin and Ethereum rallied, pushing back against the bears. This bullish trend had a positive effect on overall market sentiment.

In spite of this, a number of altcoins with lower market caps managed to outperform both Bitcoin and Ethereum and achieved significant gains in the weekly chart. These coins stood out from the crowd in the crypto market, showcasing impressive performances in the face of Bitcoin and Ethereum’s bullish momentum.

Some low-cap coins on the list of weekly gainers have shown substantial growth, with Render Token (RNDR) leading the pack, followed by Casper (CSPR), and third in line is FLOKI. 

Render Token (RNDR) has surged by 45% in the past seven days, making it the top-performing coin among the top 110 tokens by market cap. Its success is largely attributed to the community’s approval of Render Network’s expansion onto the Solana (SOL) blockchain.

Source: CoinMarketcap

It comes after the approval of two proposals, RNP-002 and RNP-003, on April 26th by the Render community. The final Snapshot vote results for both proposals showed approvals of 99.26% and 99.9%, respectively, meeting the minimum quorum for a final vote and passing both proposals. 

This revised approach to allocating network resources has resulted in a positive response from the community and boosted the value of the RNDR token.

At present, RNDR is trading at $2.41, demonstrating a 2.19% increase in the past 24 hours and a significant 2.67% surge in its marketcap, with a 40% surge in the 24 hours trading volume. The token hit its peak of $2.5758 after beginning the week at $1.8146, displaying a strong and remarkable performance. 

Meanwhile, Casper (CSPR) is also gaining attention from the community as a second top weekly performer. Over the past week, CSPR has experienced an impressive surge of approximately 25.08%. As of now, CSPR is trading at $0.06319; in the last 24 hours, the token has experienced a significant 9.40% increase.

Source: CoinMarketcap

The CSPR price surge was triggered by the network’s announcement that CasperPunks has recently unveiled a fresh collection of digital collectibles exclusively on Casper. The series comes with a range of features, including the benefit of accessing project launches ahead of time. 

The collectibles also allow users to engage their NFT in the Ghost Town and create personalized merchandise. This latest development is expected to draw the attention of NFT collectors and enthusiasts.

FLOKI, which is currently trading at $0.00003457 with a 20% rise in the weekly chart, is also gaining attention. In a recent announcement, it has been revealed that Floki is now officially live on BinanceUS, a significant development that is expected to legitimize the #memecoin further. This news is particularly noteworthy as it firmly completes the #memecoin trilogy with DOGE and SHIB.

Source: CoinMarketcap

Moreover, some popular coins are experiencing gains in weekly charts, including CFX at 14%, Internet Computer at 18%, and Solana (SOL), with an increase of 8%, according to the data from CoinMarketcap. 

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

Bitcoin’s recent run of bearish momentum seems to have come to an abrupt end. With its strong performance, the world’s largest cryptocurrency has managed to mark its key resistance near $30,000 this past week.

Source: CoinMarketcap

According to a recent tweet by Santiment, Bitcoin’s trading volume has surged back above $30 billion per day. This increase in trading volume comes as the cryptocurrency’s price has experienced major fluctuations, with its value oscillating between $27,400 and $30,200. These fluctuations have led to significant price swings in the market.

However, Ethereum, the second most valuable cryptocurrency, has also suffered a similar fate, experiencing a sharp increase in value in the past week and marking its key resistance at $1,962.57.

Santiment tweet also highlights that the number of Ethereum sharks and whales has increased over the past year. The tweet compares the current number of addresses holding 1,000 or more ETH to the number from last year, revealing an increase of 380 addresses (a 5.7% rise). 

This rise in the number of large holders comes at a time when ETH prices have experienced a significant drop of 34.8%. The decrease in price has made it easier for these large holders to accumulate more ETH.

Source: CoinMarketcap

According to the data from CoinMarketCap, Bitcoin is currently trading at $29,406.86, with a 6.46% growth over the past seven days and a 0.76% increase in the past 24 hours. While ETH is trading at $1,890.68, experiencing a 0.67% decrease in the past 24 hours and a 1.44% over the past seven days.

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RNDR Rockets Upwards: Surging 40% In A Week – What’s Behind The Meteoric Rise?

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Render (RNDR) has been making headlines as one of the top-performing coins of the week. With a remarkable surge of over 40% in the last seven days, RNDR has caught the attention of investors and traders alike.

Source: CoinMarketcap

During the past week, RNDR hit a daily high of $2.56 but has since pulled back slightly to its current trading price of $2.45, representing a 6.50% gain in the last 24 hours. Despite the pullback, the bulls seem to be active and holding strong at the $2 support level, which is considered crucial.

Source: CoinMarketcap

Any bearish break below $2 could potentially spell disaster for RNDR. Looking ahead, RNDR could potentially reach a target of $2.55 in the short term. This target could pave the way for higher highs and further gains for the coin.

However, Render Token’s technical analysis suggests a bullish sentiment, but the Fear & Greed Index shows extreme fear. The cryptocurrency has seen a 93.18% increase over the last 30 days and is expected to continue its recovery with a projected 118.65% increase by the end of April, reaching around $5.16. 

Source: DigitalCoinPrice

The token is currently trading below the 200-day simple moving average but has shown a buying signal since December 31, 2023. The 50-day SMA also indicates a buy signal. 

Technical indicators suggest the 200-day SMA will drop soon, with a projected price of $0.96 by December. Meanwhile, the short-term 50-Day SMA predicts a $1.48 by December 2023-2024. The Relative Strength Index (RSI) is neutral, currently at RSIValue.

Render (RNDR) Price Driving Factor

Following the community’s approval of the Render Network’s expansion onto the Solana (SOL) blockchain and a revised approach to allocating network resources, the Render Network token (RNDR) experienced a significant surge. 

On April 26, the Render community gave the green light to two proposals, RNP-002 and RNP-003. According to the final Snapshot votes results for RNP-002 and RNP-003, with 99.26% and 99.9% approvals, respectively, both proposals have met the minimum quorum for a final vote and have been passed. 

According to the Medium blog post, over 4.8 million RNDR voted to approve RNP-002, while over 4.7 million RNDR voted to approve RNP-003. The Render Network team and Foundation thanked all community members who participated in the voting process. 

The proposals will now be updated to “Approved and on the Roadmap” status and added to the development roadmap. Further updates regarding the proposals and their development statuses can be found on the Render Network channels.

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