The cryptocurrency landscape is constantly evolving, and RNDR, the native token of Render, is capturing significant attention during the current market correction. This digital asset is showing potential for substantial upward movement, driven by its bullish price patterns, active participation from traders and investors, and an overall positive market sentiment.
Render (RNDR) Technical Analysis and Prospective Levels
The technical analysis of RNDR reveals a promising scenario. According to CoinPedia, RNDR has recently broken out of a bullish double-bottom price action pattern. This breakout is targeting a resistance level at $10, positioning the token favorably on the bullish spectrum. This significant shift occurred within a four-hour time frame, indicating potential for further gains.
Render (RNDR) Price Prediction
Recent price movements and historical trends suggest that RNDR could experience a robust rally. Analysts predict an 18% surge, potentially propelling the token to the $10 mark in the near future. On a daily chart, the altcoin exhibits bullish tendencies, with projections indicating a 35% increase, which could drive it to reach the $12 level soon.
Bullish On-Chain Metrics
The optimism surrounding RNDR is not solely based on technical analysis. On-chain metrics provide additional confidence. Coinglass, an analytics firm, reports a significant increase in trader interest and confidence in RNDR. Open interest (OI) for RNDR has risen by 29% over the past 24 hours and 12.8% in just four hours, reaching a record-high of $160.30 million. This spike indicates the establishment of new positions and reflects traders’ belief in the token’s potential.
Moreover, the Long/Short ratio for RNDR stands at 1.86, demonstrating a strong bullish sentiment among traders. Data reveals that 65% of top RNDR traders are holding long positions, while 35% are in short positions. This ratio is often used by traders and investors to signal opportunities for building long positions when combined with rising open interest.
Current Price Momentum
Amidst a market where most top cryptocurrencies are struggling to gain traction, RNDR is distinguishing itself with notable performance. Currently, RNDR ranks third in terms of price gain, trading around $8.50. The token has registered an impressive upside momentum of over 9.25% in the past 24 hours. Additionally, its trading volume has surged by 98% during this period, highlighting significant participation from traders and investors who are optimistic about the asset’s bullish trajectory.
In conclusion, RNDR’s current performance and potential for continued growth make it a noteworthy player in the cryptocurrency market. As traders and investors closely monitor its progress, the token’s bullish indicators suggest a promising outlook in the days to come.
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