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Historically, Render peaked at around $13 in March before enduring a downturn that forced it below the 200-day moving average. Those who capitalized on price dips in the $4 to $5 range have seen significant gains. This marks a critical turning point for Render, as its movements have followed an upward trajectory, indicating a potential upswing in its market activity.
Bitcoin Dominance and Its Implications
A significant factor influencing altcoin performance is the continual decline of Bitcoin dominance. Recently, it has broken below a trend line that has remained intact for over two years. Such a shift mirrors previous altcoin booms, such as the early months of 2021 when Bitcoin dominance waned, sparking a vigorous altcoin rally.