- Coinbase to launch perpetual futures for Render.
- RNDR’s trading volume soars by 47.64% as prices surged by 7.72%.
As a seasoned researcher with over a decade of experience in the cryptocurrency market, I must say that the recent surge in Render (RNDR) has caught my attention. The 7.72% price increase in the last 24 hours and the impressive 47.64% boost in trading volume to $64.5 million is nothing short of remarkable. It’s like watching a phoenix rise from the ashes, especially considering the broader market volatility we’ve seen.
Over the past week, crypto markets have attempted to reverse from the earlier market crash. Despite the increased volatility experienced by most altcoins, Render [RNDR] has experienced sustained growth over the past week.
Render makes a strong comeback
Over the past day, I’ve seen a significant boost with RNDR, climbing up by 7.72% to reach a price point of $5.20. Interestingly, this AI-focused altcoin has also experienced a substantial increase in trading volume, soaring by an impressive 47.64% to hit a staggering $64.5 million within the same timeframe.
Also, the market cap has increased by 7.13% to $2.04 billion over the past 24 hours.
At the current moment, the rising cost and boost in trading activity indicate a significant rise in interest for purchasing RNDR, suggesting increased demand and pressure to buy.
Thus, AMBCrypto’s analysis showed that Render was enjoying strong upward movement.
The CMF of the altcoin, or Chaikin Money Flow, stood at 0.07, indicating a rise in buying activity. This meant that RNDR was witnessing more funds coming in than going out, leading to an uptick in trade activity.
This is a bullish signal.
Moreover, the Relative Volatility Gain Index (RVGI) stood at 0.055, suggesting that the altcoin was exhibiting robust bullish trending.
In my analysis, the closing prices exceeded the trading range, suggesting a strong buying momentum that reinforced the existing uptrend.
As we delve deeper, it’s clear that there’s an ongoing surge in the preference for long positions, as evidenced by the continuous climb in the Open Interest (OI)-weighted Funding Rate.
With a positive outlook towards the altcoin’s potential, investors were ready to pay more for holding long-term positions.
Over the last 24 hours, there was a significant boost in the closing of short positions, going from $36,000 to $73,000. During this period, the number of long positions being closed decreased instead. This trend has prolonged the occurrence of this phenomenon.
Thus, those betting against the market had their positions wiped out.
Factors driving Render’s surge
As a crypto investor, I’ve noticed that one key factor contributing to RNDR’s recent upward trend is the exciting news from Coinbase about their upcoming launch of Render perpetual futures. This development has undeniably sparked renewed interest and optimism among investors, potentially driving the price surge we’re currently seeing in the RNDR market.
Based on recent news, it appears that Crypto exchange Coinbase is planning to launch Perpetual Futures contracts for RNDR.
The announcement caused a notable shift in the token’s price, as demonstrated by the graph provided, indicating investor trust in the exchange’s recent decision. According to the official Coinbase website, they made an announcement.
“On the international exchange and advanced platform of Coinbase, we’re going to include support for futures trading for Render, Saga, and Threshold. These will be available as perpetual contracts.”
Achieving this milestone is important because it allows traders to magnify their positions on RNDR trading, thereby capitalizing on price fluctuations by utilizing leveraged trading.
Read Render’s [RNDR] Price Prediction 2024 – 2025
Consequently, introducing Coinbase on Render significantly boosts purchasing actions and interest in long-term investments.
Given the prevailing market mood, RNDR appears primed for an approximately 41% increase, aiming to challenge the $7.0 resistance barrier.
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2024-08-23 17:12