Analytics firm Santiment says the majority of altcoins look set to ignite rallies after a month-long crypto correction.

Santiment says that the ongoing marketwide pullback has driven many altcoin traders to unload their stacks and incur heavy losses.

“According to our model, the mid-term gains and losses by average wallets indicate heavy realized losses across most altcoins. Over 85% of assets we track are in a historic opportunity zone when calculating the market value to realized value (MVRV) of wallets’ collective returns over one-month, three-month and six-month cycles.”

The MVRV is an on-chain indicator used to assess whether a crypto asset is undervalued or overvalued.

With the MVRV hovering at prime opportunity zones across multiple time frames for most altcoins, the analytics firm says that alts may be in a “historic position” to witness rallies.

“It may be justified to buy while there is growing fear seeping in from the crowd after all of these market cap dips.” 

Amid the setup for a potential rally, Santiment notes that traders are starting to ignore volatile altcoins like Dogecoin (DOGE) in favor of crypto assets that have held up well amid choppy conditions.

“The total amount of non-empty Bitcoin wallets is rapidly growing despite choppy prices. Altcoin wallets for assets like Dogecoin have flattened after enormous rises earlier this year. Cardano is one of the few networks to see active wallets drop.”

At time of writing, DOGE is trading for $0.149, down over 34% from its 2024 high of $0.228. Meanwhile, Bitcoin is worth $64,000, a 13% decrease from its 2024 high of $73,650.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Doremi/Sensvector

Render (RNDR), the cloud-based rendering network, is stirring excitement in the crypto market with technical indicators and analyst predictions hinting at a substantial price surge in the coming weeks or months.

Render Breaks Free From Technical Chains

Technical analysis paints a bullish picture for RNDR. The token has recently broken out of a bullish technical pattern known as the Dragon Pattern, also referred to as the supply line. This breakout historically signifies a potential shift in momentum, with prices likely to trend upwards.

RNDR 24-hour price action. Source: Coingecko

Adding fuel to the fire, analysts are observing the formation of Three Rising Valleys on RNDR’s chart. This pattern suggests a potential market bottom has been established, indicating a reversal from previous downward trends.

Furthermore, a bullish divergence on the four-hour chart hints at weakening selling pressure. In simpler terms, sellers are struggling to push prices down, failing to break below previous lows.

$RENDER – It’s looking bullish in my opinion.

Here is why 👇

• Dragon pattern aka the supply line which broke out already.

• Potential 3 rising valleys in the making while we established a potential bottom.

• 4 hour bullish divergence which means that sellers had a hard… pic.twitter.com/jMBzXWyG81

— Doji 🥷 (@SatsDoji) April 25, 2024

DoJi, a prominent crypto analyst, sees these technical indicators as a recipe for a price surge. Based on his analysis of the Three Rising Valleys, DoJi has set a price target of around $13 for RNDR. He even goes as far as suggesting a price explosion beyond $20 if historical price movements repeat themselves.

According to DoJi, surpassing a key resistance level of $9.20 could be the catalyst that ignites this bullish momentum.

RNDR Up 250% In 6 Months – But Can It Break Resistance?

In the previous half-year, RNDR’s value rose by an astounding 250%. The pattern of impulsive and corrective moves in the price fluctuation points to a turbulent market.

Forecasting the price trajectory of RNDR in the future offers both cautious and optimistic options. There is expected to be resistance at $10.90 and a larger barrier at $13.30.

If the price drops, $6.18 or even lower, $3.79, may provide support. RNDR network adoption rate and general market trends could drive price fluctuations, but long-term indications like the 100-day average point to a possible stabilization around $8.92.

RNDR market cap currently at $3.1 billion. Chart: TradingView.com

Analyst Chimes In With Optimistic Predictions

Meanwhile, DoJi isn’t the only crypto expert bullish on RNDR. Inspector Crypto, another well-respected analyst, has identified a bullish Inverse Head and Shoulders Pattern on RNDR’s chart. This pattern typically precedes a price increase, and Inspector Crypto has projected a target range of $14-$16 for RNDR based on this pattern.

$RNDR | Inverse Head and Shoulders pattern target: $14-$16#RENDER #Solana #Bitcoin #AltCoinSeason2024 #Bullrun2024 #ADA #Xrp #AKT pic.twitter.com/VRO8gcTAiH

— Inspector Crypto🕵🏻‍♂️📈 (@1nspector_G) April 26, 2024

The combined optimism from DoJi and Inspector Crypto reflects a broader sentiment of anticipation surrounding RNDR. While the token has experienced a slight dip in price recently, many analysts are closely monitoring its performance, waiting for the upswing signal.

Featured image from Pexels, chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Ethereum (ETH) rival Solana (SOL) is seeing a “dramatic increase” in professional investor allocations this year, according to a new survey conducted by the digital assets manager CoinShares.

CoinShares polled 64 investors worldwide who cover a combined $600 billion worth of assets under management.

The respondents include different investor types including wealth managers, hedge funds, institutions, family offices, financial advisors and individual investors.

Explains CoinShares,

“Investors have been broadening their exposure to altcoins, with Solana seeing a dramatic increase in allocations. Looking through the survey responses, this is due to a few large investors allocating, carrying more weight in the survey.

XRP has seen a significant decline, with none of the survey respondents holding it now.”

Digital assets represented an average of 3% of the respondents’ portfolios, the highest weighting since CoinShares’ survey began in 2021.

Explains the firm,

“Unsurprisingly, some of the largest contributors to this were allocation from institutional investors who finally had the ability to gain exposure to bitcoin via the US ETFs.”

CoinShares notes that investors who have refrained from purchasing digital assets cite regulation as the number one factor in their choice not to invest.

“We had expected this to fall, but it is clear from the survey there remain significant barriers to entry to the asset class for specific cohorts of investors – these are typically in the wealth management or institutional space.

Fewer investors believe digital assets lack a fundamental investment case.”

SOL is trading at $135.12 at time of writing. The fifth-ranked crypto asset by market cap is down over 6% in the past 24 hours.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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