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RNDR, the native token of Render, is making waves during the ongoing market correction, as it appears poised for notable upside momentum. This speculation is caused by RNDR’s bullish price action pattern, significant participation from traders and investors, and overall positive market sentiment.
Render (RDNR) Technical Analysis and Upcoming level
According to CoinPedia’s technical analysis, RNDR recently broke out of a bullish double-bottom price action pattern and is now targeting the next resistance level at $10. However, this breakout occurred in a lower time frame (four hours), shifting the token into the bullish side.
Render (RNDR) Price Prediction
Based on recent price action and historical momentum, there is a strong possibility that RNDR could soar by 18% to reach $10 in the coming days. Additionally, on a daily time frame, the altcoin appears bullish and shows the potential to surge by 35% to hit the $12 level soon.
Bullish On-Chain Metrics
In addition to technical analysis, traders have shown a strong interest and confidence in RNDR, as reported by the on-chain analytics firm Coinglass.
According to the data, RNDR’s open interest (OI) has surged by 29% in the past 24 hours and 12.8% in the past four hours. This growing trader participation has pushed RNDR to a record-high open interest of $160.30 million.
This growing interest not only indicates the buildup of new positions but also shows traders’ belief and confidence in the token.
Additionally, RNDR’s Long/Short ratio currently stands at 1.86, indicating strong bullish sentiment among traders. According to the data, 65% of top RNDR traders hold long positions, while 35% hold short positions.
Traders and investors often use a combination of rising open interest and a Long/Short ratio above 1 as a signal when building long positions.
Current Price Momentum
Currently, the majority of top cryptocurrencies are struggling to gain momentum, while RNDR has ranked 3rd in terms of price gain. At press time, RNDR is trading near $8.50 and has registered an upside momentum of over 9.25% in the past 24 hours. Meanwhile, its trading volume during the same period surged by 98%, indicating notable participation from traders and investors amid the asset’s bullish outlook.