In the ever-evolving landscape of cryptocurrencies, RNDR, the native token of Render, is gaining significant attention. Despite the ongoing market corrections, RNDR is demonstrating promising upward momentum. This optimism stems from its bullish price action pattern, increased trader and investor participation, and an overall positive market sentiment.
Render (RNDR) Technical Analysis and Upcoming Levels
According to the insights provided by CoinPedia, RNDR has recently broken out of a bullish double-bottom price action pattern. This breakout has set the stage for the token to target its next resistance level at $10. Interestingly, this pivotal breakout was observed within a four-hour time frame, positioning RNDR firmly on the bullish side of the market spectrum.
Render (RNDR) Price Prediction
Based on recent price movements and historical trends, there is a compelling argument that RNDR could rise by 18% to reach the $10 mark in the coming days. Furthermore, when viewed from a daily time frame, RNDR exhibits a robust bullish potential with the possibility of a 35% surge, potentially elevating its price to $12 in the near future.
Bullish On-Chain Metrics
Beyond technical analysis, RNDR is garnering significant interest and confidence from traders, as highlighted by the on-chain analytics firm, Coinglass. Recent data reveals a 29% surge in RNDR’s open interest (OI) over the past 24 hours, coupled with a 12.8% increase in the last four hours alone. This heightened participation has propelled RNDR to a record-high open interest of $160.30 million.
This growing interest not only signifies the formation of new positions but also reflects traders’ belief and confidence in the token’s potential. Additionally, RNDR’s Long/Short ratio is presently at 1.86, showcasing strong bullish sentiment among market participants. According to Coinglass, 65% of the top RNDR traders are holding long positions, compared to 35% in short positions.
Traders and investors often interpret rising open interest and a Long/Short ratio exceeding 1 as positive indicators for establishing long positions.
Current Price Momentum
While many leading cryptocurrencies are currently struggling to gain traction, RNDR has distinguished itself by ranking third in terms of price gain. As of the latest updates, RNDR is trading close to $8.50, having registered an impressive upward momentum of over 9.25% in the past 24 hours. Concurrently, its trading volume experienced a substantial 98% surge, highlighting considerable engagement from traders and investors in light of the asset’s bullish outlook.
In conclusion, RNDR’s recent performance amidst market corrections underscores its potential as a formidable player in the cryptocurrency space. With technical indicators, on-chain metrics, and current price momentum aligning favorably, the path forward for RNDR appears promising.
