In the midst of a market correction, Render (RNDR), the native token of Render, is capturing attention with its potential for significant upward momentum. This surge in interest is driven by a combination of a bullish price action pattern, increased involvement from traders and investors, and a generally positive outlook in the market.
Render (RNDR) Technical Analysis and Upcoming Levels
Recent technical analysis from CoinPedia indicates that RNDR has recently broken out of a bullish double-bottom price action pattern. This breakout positions the token to target its next resistance level at $10. Notably, this shift occurred on a four-hour time frame, signaling a move towards a bullish stance.
With the token’s price movement being closely monitored, the market remains optimistic about its performance in the near future.
Render (RNDR) Price Prediction
Based on current price action and historical trends, there is a strong potential for RNDR to rise by 18%, reaching the $10 mark soon. Moreover, when analyzed on a daily time frame, the altcoin shows promising signs of a 35% increase, potentially hitting $12 in the near future. Such projections highlight the token’s growing appeal among investors.
Bullish On-Chain Metrics
Beyond technical analysis, on-chain metrics reveal robust interest and confidence in RNDR. According to data from the on-chain analytics firm Coinglass, RNDR’s open interest (OI) has surged by 29% in the past 24 hours, and by 12.8% in the past four hours. This increased participation has pushed RNDR’s open interest to a record-high of $160.30 million.
This surge in interest not only reflects new positions being established but also underscores the traders’ belief and confidence in the token’s potential. Additionally, RNDR’s Long/Short ratio stands at 1.86, indicating strong bullish sentiment among traders. With 65% of top RNDR traders holding long positions and 35% holding short positions, the market sentiment remains largely positive.
Traders and investors often use a combination of rising open interest and a Long/Short ratio above 1 as a signal to build long positions, further reinforcing RNDR’s optimistic outlook.
Current Price Momentum
While many top cryptocurrencies are struggling to gain momentum, RNDR has distinguished itself by ranking third in terms of price gain. At the time of writing, RNDR is trading near $8.50, having registered an impressive upside momentum of over 9.25% in the past 24 hours. Additionally, its trading volume during this period surged by 98%, indicating substantial participation from traders and investors amid the asset’s bullish outlook.
This remarkable performance underscores RNDR’s potential as a standout token in the current crypto market landscape, attracting both seasoned investors and newcomers alike.
