XMR, RNDR Show Great Potential Despite Bitcoin’s Stalemate

For a number of days, Bitcoin (BTC) has hovered around the $27,000 region while other cryptocurrencies continue to experience tiny corrections. While the stagnancy may have been less exciting for investors, BTC’s ability to hold above $27,000 signifies its strength and continuous dominance in the market.

However, not all altcoins have suffered a decline. According to on-chain analytic platform Santiment, tokens like Monero (XMR) and Render (RNDR) made light gains in the last seven days.

RNDR, which many have considered to be a cryptocurrency with immense potential exchanged hands at $1.79 at press time. XMR, whose blockchain thrives on anonymity, traded at $151.95, thanks to a 3.7% hike within the said period.

Monero (XMR)

For XMR, its previously bullish structure could be on its way into the hands of bears. This was because the last 24 hours apparently saw much profit-taking. For example, XMR’s sharp drop from $155.89 to $154.04, and subsequently to $152.12 was a result of selling pressure.

The Relative Strength Index (RSI) fell to 42.80 earlier— a sign of waning buying momentum. But at press time, the RSI had recovered to 45.58, meaning bulls were still trying to push bears out of the market.

Should the RSI value increase to 55.00, XMR may recover to $155. However, that will only be possible if selling pressure significantly subsides.

Source: XMR/USD 4-Hour Chart (Source: TradingView)

Render (RNDR)

Built on top of the Ethereum (ETH) blockchain, RNDR’s standout performance has not gone without notice. In fact, many analysts agree that the token is one of those that could outperform Bitcoin in the next bull market.

Unlike XMR, RNDR did not seem like it was ready to give bears some sort of control. From the 4-hour RNDR/USD chart, bulls were trying to raise the price as high as $1.85. The Bollinger Bands (BB) also indicated increasing volatility.

This means RNDR could experience a lot of price fluctuations. So, there is a chance for a significant increase. However, this may depend on the price movement between the bands.

Source: RNDR/USD 4-Hour Chart (Source: TradingView)

If the RNDR price stays above the middle band and moves to the upper band, the token would have enough strength to see an uptick. But the RSI, which was 49.97 at press time, also needs to stay above 50.00 if the token’s value is to increase.