- Buying pressure on RENDER increased sharply last week
- However, technical indicators hinted at a price correction towards $8.8 soon
As a seasoned crypto investor with a knack for spotting trends and interpreting market signals, I must say that last week’s surge in RENDER was indeed a sight to behold. The double-digit growth was impressive, but as someone who’s been around the block a few times, I always keep an eye on both the bullish and bearish indicators.
Last week saw a continued bullish trend in the market, which led to a significant increase – double-digit growth to be exact – in Render’s [RENDER] stock price. This positive movement sparked optimism among investors. Yet, alongside this rise, there were other notable events unfolding as well.
These could propel further growth on the altcoin’s price charts.
Is RENDER ready to explode?
Last week, the market saw bulls take control, significantly increasing the token’s price by approximately 18%. As a result, the token was trading at $10.43 at the point of publication, and its total market value exceeded $5.4 billion.
According to IntoTheBlock’s data, approximately 81% of the token’s addresses held 64k units, indicating a significant concentration of wealth in these accounts.
Currently, well-known cryptocurrency analyst Rendoshi Takamoto posted a tweet hinting at a potential significant surge in the value of RENDER token. This tweet draws attention to the fact that RENDER has been added to Upbit, South Korea’s leading crypto exchange. Typically, when a coin is listed on an exchange like this, it can boost the price due to increased accessibility and usage of the asset.
Apart from this, another major development was the reduction in mint inflation of 35%.
Collectively, these advancements could lessen obstacles on the path and propel the token in an upward direction.
What lies ahead…
Given the promising nature of the recent updates, AMBCrypto analyzed the token’s on-chain statistics to see if they suggested an increase in its price over the next few days as well.
As a crypto investor, I’ve noticed an intriguing trend in the market data for RENDER. According to Santiment, the demand for this token has been on the rise, as suggested by the significant decrease in its availability on exchanges. This decrease indicates that investors are actively buying the token. Furthermore, a slight increase in its supply held off exchanges serves as additional proof of this buying pressure.
It’s worth mentioning that large investors in the market have behaved in a similar fashion. Last week, there was an increase in the token supply held by prominent wallets – Indicating a rise in whale hoarding.
Coinglass’ findings indicated that the token’s funding rate and its price both experienced an upward trend. An uptick in the funding rate within cryptocurrency Futures markets signifies a positive outlook, as traders anticipate the price to rise further. This is due to the fact that those who believe the price will escalate are prepared to pay additional fees to maintain their long positions.
Contrarily, the technical indicators painted a distinct narrative for me as a researcher. At the moment of writing, the Relative Strength Index (RSI) was situated within the overbought region. This potentially triggers investors to offload, which could lead to a decrease in the token’s price. The Chaikin Money Flow, on the other hand, remained fairly stable.
Read Render’s [RNDR] Price Prediction 2024–2025
If RENDER corrects its record, it may fall towards its underlying support around $8.8. If it breaches this level, it could potentially slide down to approximately $7.3 over the next few days.
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2024-12-07 14:15