- RNDR leads with the most price growth in the last week.
- If bullish momentum continues, the token will trade above $11.
The price of AI-based token Render [RNDR] has surged by over 40% in the last 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.
In a recent post on X (formerly Twitter), on-chain data provider Santiment noted that the rally in RNDR’s price in the past week has been due to a significant uptick in its social activity.
An asset’s social activity is measured by tracking the volume of mentions on social media platforms, news articles, forums, and other online sources.
When these conversations increase, an asset will likely see a rally depending on general market sentiment.
🤖📈 The #AI & #BigData surges continue, as #crypto projects related to the expanding industry continue to blossom. $RNDR (+11%) is seeing rapidly rising conversations as the top trending asset currently. Keep an eye on $AIOZ, $TURBO, $CIRUS, & $DERI also. https://t.co/pJBNqXUjzc pic.twitter.com/lZmSmGMGX9
— Santiment (@santimentfeed) May 7, 2024
RNDR’s price growth has also been partly due to the spike in whale accumulation.
Crypto sleuth Lookonchain, in a post on X, found that a number of whale addresses have made significant RNDR withdrawals from leading exchange Binance since the beginning of May.
2/ 0x15CF withdrew 748,898 $RNDR($5.3M) from #Binance on Apr 30 and May 1, with a current floating profit of $2.24M.
He had traded $RNDR 7 times before, 6 of which were profitable, with a win rate of 85.7% and a total profit of $3.5M!https://t.co/Uzwjdhtspy pic.twitter.com/TnMT1D2OuS
— Lookonchain (@lookonchain) May 8, 2024
According to the analyst, 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.
Per Lookonchain, 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 on a 1-day chart
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. This indicator has posted a value above zero since 4 May.
This indicator measures the relationship between the strength of the altcoin’s buyers and sellers in the market. When its value is positive this way, bull power is dominant in the market.
Read Render’s [RNDR] Price Prediction 2024-2025
Readings from RNDR’s Fibonacci Retracement showed that the AI token’s price might rally above $11 if the bulls continue to exert influence.
Source: RNDR/USDT on TradingView
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.