Bitcoin has recently broken its two-week decline and is showing signs of an upward trend. Over the past 7 days, Bitcoin has seen a 4.68% increase, with a 2.48% rise in 24-hour charts, and it remains above the $63,000 mark at the time of writing. This positive movement in Bitcoin has also had an impact on altcoins, including RNDR, a cryptocurrency that has been making waves in the AI sector.
RNDR has seen a 5.6% increase in price over the last week, reaching $7.58. The trading volume for RNDR has also increased by 60% in the last 24 hours, reaching $134.4 million, with a market cap of $2.95 billion. This increase in market activity has led analysts to discuss a more bullish outlook for RNDR.
The Money Flow Index for RNDR has risen from 37 to 55, indicating upward pressure in the market. Additionally, the MACD indicator shows an existing upward trend, with the MACD line above the signal level, which is considered a bullish indicator. Furthermore, data from Santiment shows a significant drop in exchange inflows for RNDR, which could potentially lead to a price increase.
Looking ahead, RNDR is currently trading around $7.58, with the first obstacle being the $7.94 resistance level. If this level is surpassed, it could trigger a move to $8.42. Conversely, if the price pulls back, it could drop to the support level at $7.3.
It’s important to note that the information in this article does not constitute investment advice, and investors should be aware of the high volatility and risk associated with cryptocurrencies. They should conduct their own research before making any investment decisions.