In this article, we are going to look at the latest news and market analysis for the crypto assets Render Token (RNDR) and Kaspa (KAS).
What is happening to these two cryptocurrencies that seem to be going against the trend compared to the rest of the altcoin sector?
All the details below.
Summary
The latest crypto news for Render Token (RNDR) and Kaspa (KAS)
On the crypto news front, there are important updates for Render Token (RNDR) and Kaspa (KAS).
Regarding RNDR, a token related to the network of decentralized rendering solutions based on GPU, two proposals were approved within the governance section of the project, specifically RNP-002 and RNP-003.
“Render Network proposal 002” concerns the expansion of the network on additional L1s, which can expand decentralized participatory possibilities among users.
Following a vote among RNDR holders, the majority chose to approve the proposal for the integration of the Solana network within its services.
In contrast, RNP-003, which was also approved by a majority vote of the Render Network community, refers to the acquisition and allocation of resources within the project treasury.
The goal is to equip the foundation with the resources and processes necessary to carry out its tasks. By doing so, it will be able to achieve its goals and focus on the growth of the network.
Speaking instead of Kaspa, a well-known layer1 that enables instant transaction confirmations through a special PoW consensus mechanism, the latest news concerns an upcoming listing of the KAS token on the Uphold exchange, an American multi-asset trading platform.
The inclusion of Kaspa on Uphold’s diverse and feature-rich platform represents a milestone for the future of the cryptocurrency considering that until now there was no US crypto exchange supporting KAS trading.
The other platforms where KAS can be traded are Gate.io, MEXC, CoinEx, LBank, and Txbit. All of these represent layer 2 service providers compared to industry giants such as Binance, Coinbase, Kraken, Bybit, and Okex
Market analysis of crypto Render Token (RNDR) and Kaspa (KAS)
Render Token (RDNR) and Kaspa (KAS) seem to have benefited from the news we mentioned with upward price increases in the last 24 hours of 5% and 11% respectively.
Going more specific, RNDR has recorded 3 consecutive daily green candles that took it from $1.7 to the local top of about $2.5 before retracing slightly to the current $2.23.
Should the current weekly candle close above $2.2 it could set the stage for a continuation of the bullish trend in the token, which has performed very well in recent weeks relative to the rest of the cryptocurrency sector.
The chart appears to be rising organically, with no excesses or anomalies to report, and with high volumes accompanying the price rise.
Market capitalization is $736 million, trading volume in the last 24 hours around $417 million, and circulating supply 68% of the total.
KAS is also moving really well at the price level, albeit followed by lower volumes than those recorded by RNDR.
Since the beginning of the year, the value of KAS has increased about 8 times to $0.042 and then had a bearish break to the current $0.03.
Currently, prices are holding above the 5- and 10-period daily time frame fast moving averages. The 60-period moving average also seems to have followed the upward run of the KAS value, which has not yet been tested since February.
If KAS does not reach and strongly maintain the $0.035 threshold, it could mark a lower-high typical of a pattern that marks a price contraction and thus we could easily approach values lower than the current ones by about 25%.
For now we are in a zone of uncertainty, which at the macro level is decidedly bullish, but in the short term could shift the general trend toward horizons of a bearish nature.
KAS has a market cap of $496 million, volume in the last 24 hours hovering around $19.6 million, and a circulating supply of 63% of the total.
Two cryptocurrencies that are bucking the trend of the altcoin market
Render Token (RNDR) and Kaspa (KAS) are two cryptocurrencies that are moving against the trend with the rest of the altcoin segment.
While the altcoins mark swinging returns that fluctuate with the mood of Bitcoin, RNDR and KAS do not seem to care and continue on their way undisturbed.
The situation does not come as a surprise to the most experienced traders in the crypto markets, who punctually can observe isolated cases like this that register different trends than the rest of the cryptocurrencies.
Spotting these tokens is by no means a simple matter, and trying to anticipate the market often leads to undesirable effects on the wallet value of those who attempt this arduous feat.
Beyond that, the outlook of KAS and RNDR is very interesting when compared with Bitcoin’s dominance graph.
The digital gold dominance index of the crypto sector appears to be breaking through the infamous 48% resistance level, which could signal a return to significantly higher levels.
It has been since April 2021 that Bitcoin has remained below this very important threshold, which if broken for good could take dominance first to the psychological level of 50% and then to 55% and 58% and then perhaps continue upward again.
In such an environment, altcoins, especially the more fragile ones without a background of technological innovation, would end up with monstrous price decreases that would ruin all the gains recorded in the first quarter of 2023.
The REKT risk is very high.
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