In the past few months, the largest holder of RNDR has increased their holdings by 20%.
Social indicators have improved, indicating increasing user engagement.
After a strong rebound from the low point in mid-August, the price of RNDR seems to have fallen back. Since mid-March, the price has been in a period of adjustment and has been making efforts to recover.
However, after the RNDR price rebounded from the demand zone in mid-August, this view seems to have changed. Traders and investors are paying attention to a 36% price increase, which could trigger a bullish breakthrough in the cryptocurrency.
At the time of writing this article, the RNDR trading price is close to $5.005, up 0.5% intraday.
Whales actively accumulating RNDR: Should you do the same?
The chart of RNDR/USD price highlights a consolidation phase since mid-March. The RNDR price has fallen almost 10.8% per month and has fallen over 49% in the past three months.
Despite the price decline, RNDR's on-chain indicators have made significant progress. Over the past few months, top addresses (also known as whales) have been found actively accumulating RNDR.
According to the data, in the first week of July, whales held nearly 51.5% of the total supply of bitcoins, and now this proportion has surged to 71.5%, indicating that the whale holding has increased by 20% in the past few months. The significant increase in whale holdings indicates that the price of bitcoin may rebound.
In addition, social indicators such as social dominance and social volume are trending upwards, indicating an increase in user participation on social media.
Can RNDR be a good investment asset in September?
Despite the efforts of the bulls in the past few weeks, the long-term trend outlook still favors the sellers. Present price demand and an additional 35% increase based on the current market price to validate the long-term bullish trend.
After breaking through the key index moving averages of 20 days and 50 days, the short-term trend outlook has turned bullish. As of now, the price appears to be retracing to the previous breakout area.
From a high point of view, the RNDR price could surge to $6.85, indicating a close to 35% increase. However, this would require an increase in bullish momentum from the low point.
If the price fails to bounce back from the lower levels, it could prompt sellers to pull the price towards the lower levels of $4.5 and $4. The long-term trend is bearish, which may prompt sellers to push higher until the price enters the bullish zone.
The technical indicators RSI and MACD have left positive signs in the short-term trend, indicating a potential rebound in the RNDR price.