- Render has surged by 14.08% over the past week.
- Amidst a strong positive market sentiment, short sellers lack conviction in a potential downside.
As a seasoned crypto investor with a knack for spotting trends and understanding market dynamics, I must admit that the recent surge in Render [RENDER] has caught my attention. Having weathered multiple crypto winters and witnessed numerous bull runs, I’ve learned to read between the lines of market indicators and sentiment.
After crypto markets rebounded due to Fed interest rate reductions, AI-related coins have experienced substantial price increases on graphs. As optimism grows and adoption expands, AI-themed coins are spearheading the market’s upward trend. In this period of growth, Render [RENDER] stands out as a key player in the scene.
Currently, at the time of this update, the price of Render stands at $6.47. This figure represents a significant rise of 24.87% in the last month, and an additional boost of 14.08% over the past week, further strengthening the upward trend.
After reaching its lowest point for the month at $4.45, this altcoin has continued to move in an upward direction. As a result, based on the analysis by ChainStatsPro, it seems that the current market conditions have enabled Render to withstand liquidation pressure effectively.
What market sentiment indicates
According to ChainStatsPro’s assessment, Render appears to be thriving in its market, with the altcoin effectively handling liquidations as the spot Cost-Volume-Delta (CVD) remains stable.
Essentially, this indicates that the market isn’t showing strong signs of either heavy buying or selling activity, suggesting uncertainty among participants about the direction the market might take.
Additionally, the analyst noted that short sellers seem hesitant, indicating a weak belief in their held positions. Consequently, these traders are doubtful about the possibility of further price drops, hence they’re not placing wagers predicting a continued decline.
According to this comparison, the market appears robust enough to handle sell-offs without undergoing excessive price fluctuations. Short sellers seem uncertain about any additional decrease in price.
What Render charts suggest
As a researcher, I find the indicators presented by ChainStatsPro promising for a favorable market perspective. However, it’s crucial for me to delve deeper and explore additional fundamental factors that might provide further insights.
To begin with, the accumulated funding rate for Render, as calculated across various exchanges, has consistently been positive during the last seven days. A positive funding rate suggests that those who have taken on long positions are compensating short sellers for maintaining their trades.
This shows strong conviction among investors of future price increases.
Moreover, the favorable OI-weighted funding rate also strengthens this call for a long position. Over the past fortnight, its positive value indicates that despite market dips, investors are ready to compensate short sellers by paying a premium to maintain their positions.
To summarize, the number of RNDR tokens being exchanged on Render’s platform has decreased significantly over the last week, dropping from a peak of 1.48 million to just 25,952 at the present moment. This trend suggests that investors are holding onto their assets rather than actively trading them, possibly indicating that they are storing these tokens in cold wallets for safekeeping.
Such behavior implies that investors are not willing to sell as they anticipate more gains.
Is your portfolio green? Check the Render Profit Calculator
Given these market circumstances, AMBCrypto’s analysis indicates that Render is currently enjoying a positive trend in public opinion and investor appeal. This optimistic outlook may pave the way for potential growth in its price trajectory.
Under sustained market conditions, Render is expected to exceed its current resistance at $7.0. Once it surpasses this barrier, its strength should increase, allowing it to attempt reaching the June highs around $10.5.
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2024-09-29 16:07