Price Pattern That Triggered Last Render’s 900% Rally Appears Again; Why RNDR Could Pump Harder This Time
A crypto analyst is drawing attention to a potentially bullish signal for the Render Token (RNDR), suggesting that the altcoin could be gearing up for a major price surge. According to the analyst known as CryptoBond (@BondActivations on X), a key technical indicator has flashed a buy signal that previously preceded a meteoric 900% rally for RNDR.
In a tweet made yesterday, CryptoBond highlighted that the Stochastic RSI, an oscillator that measures the momentum of an asset’s price movements, has crossed into bullish territory on RNDR’s weekly chart. “Stochastic RSI just crossed up on the weekly chart for $RNDR. Last time this happened, $RNDR pumped almost 900%,” he noted.
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However, CryptoBond believes that the upcoming Bitcoin halving event, scheduled for April 19, 2024, could amplify the potential upside for RNDR this time around. “Post halving pump should be even stronger. YOU DON’T HAVE ENOUGH RENDER,” he assertively stated, implying that investors may want to accumulate RNDR in anticipation of a significant price surge.
BTC Halving Pumps Altcoins Higher
The Bitcoin halving is a pre-programmed event that occurs every four years, reducing the rate at which new bitcoins are minted and released into circulation. This deflationary mechanism is designed to control the supply of Bitcoin and is expected to drive increased volatility and price appreciation for the world’s largest cryptocurrency.
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Show more +Historically, Bitcoin halvings have also had a positive impact on the broader altcoin market, as investors often rotate their profits from Bitcoin into alternative cryptocurrencies in search of higher returns. With the next halving looming, traders and analysts like CryptoBond are positioning themselves in altcoins they believe could benefit from the anticipated volatility and capital inflows.
The combination of a bullish technical signal and the just concluded Bitcoin halving has generated excitement around the potential for RNDR to experience a more substantial price rally than the 900% surge it witnessed the last time the Stochastic RSI crossed into positive territory on its weekly chart.
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