Home > web3.0 > Render Token (RNDR) Warns Holders of Prolonged Market Stagnation: Here's the Outlook

Render Token (RNDR) Warns Holders of Prolonged Market Stagnation: Here's the Outlook

WBOY
Release: 2024-08-16 18:18:14
Original
997 people have browsed it

Render Token (RNDR) has seen growth, particularly since the 2021 bear market bottom in June 2022. According to an analysis by crypto trader and analyst

Render Token (RNDR) Warns Holders of Prolonged Market Stagnation: Here's the Outlook

Crypto Trader Warns Render Holders of Prolonged Market Stagnation: Here’s His Outlook

Render Token (RNDR) has seen growth, particularly since the 2021 bear market bottom in June 2022. According to an analysis by crypto trader and analyst Alan Santana, RNDR has experienced a 4,900% increase from its low in June 2022 through March 2024.

This includes a notable 1,000% rise from August 2023 to mid-March 2024 alone, marking an exceptional bullish wave. However, Santana cautions that the future may not be as promising for Render Token holders.

Render's Prolonged Sideways Market Ahead

In his analysis, Santana warns that RNDR is unlikely to produce another bull market in 2025. Instead, he predicts a long, drawn-out range-bound market, with the token moving sideways for an extended period.

Based on the current chart patterns, Santana anticipates that it could take 7 to 9 months for the token to settle, find a bottom, and begin recovery.

Even if RNDR joins the broader market in a bullish trend, this may not happen until late 2025, whereas other assets might begin to rally much sooner.

Render's Price Action

Santana emphasizes that the current price of RNDR, at around $4.69, is higher than the last major low of $0.274 in June 2022. This represents a 1,600% increase from that bottom, making the token less attractive for those seeking low-risk investments.

As a result, Santana advises Render Token holders to be cautious, suggesting that it's too early to consider RNDR for new trade ideas until mid-2025, when the chart may present new accumulation opportunities. At press time, Render trades at $4.61 as per CoinMarkeCap.

Meet PandaWorld, the new meme coin currently selling at discounted presale prices! The project was inspired by the adventures of six panda siblings, utilizing their unique abilities to bring together gaming, staking, and other features.

Onchain Metrics Indicate Waning Interest

Further analysis by Santiment, a crypto behavior analytics platform, reveals additional insights into Render Token's recent performance. An analysis of Render's chart shows the price movement, transaction volume, and daily active addresses for RNDR over several months.

From mid-February to mid-March 2024, RNDR saw a sharp price increase, accompanied by rising transaction volume and daily active addresses, indicating strong market interest.

However, starting in April, both the price and daily active addresses began to decline steadily, suggesting a decrease in market confidence. Notably, a slight resurgence in July showed a spike in transaction volume, but the price continued to fall. This could indicate that the increased volume was driven by sell-offs rather than new investments.

By August 2024, both the price and daily active addresses had dropped, reflecting decreased engagement and potential market exhaustion.

Conclusion

While Render Token has shown growth in the past, current analyses by Alan Santana and chart analysis from Santiment suggest that RNDR holders should prepare for a prolonged period of market stagnation.

With the token far from its bottom, and onchain metrics indicating waning interest, Santana advises a cautious approach. Render Token holders may need to wait until mid-2025 before considering new trade opportunities, as the market works through this consolidation.

Captain just hit his first 100x among a lot 2-5xs. Want to be a part of a profitable community? Get all our future calls by joining our FREE Telegram group.

We recommend eToro

The above is the detailed content of Render Token (RNDR) Warns Holders of Prolonged Market Stagnation: Here's the Outlook. For more information, please follow other related articles on the PHP Chinese website!

source:php.cn
Statement of this Website
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn
Popular Tutorials
More>
Latest Downloads
More>
Web Effects
Website Source Code
Website Materials
Front End Template