Within the last 24 hours, the digital asset known as Render (RNDR) has witnessed a substantial surge, reaching a peak not seen in 9 months at $11.853. This surge represents a notable 40.16% increase within this short timeframe.
This alternative coin has encountered a dramatic escalation in trading volume, soaring by 244.93% to reach $4.23 billion. Concurrently, its market capitalization has exceeded the $5 billion threshold.
During this period, RNDR has outperformed Bitcoin (BTC), despite BTC crossing the significant $100,000 milestone. Comparatively, other AI-oriented coins like Internet Computer Protocol (ICP) experienced a decline of 2.08%, Bittensor (TAO) dropped by 5.23%, and NEAR Protocol (NEAR) saw a rise of 2.7%.
Elsewhere in the market, popular digital currencies such as Ripple (XRP) plummeted by 9.71%, Solana (SOL) saw a decrease of 0.70%, while Ethereum (ETH) exhibited a gain of 4.6%.
Given the considerable upward trend experienced by Render, one critical question emerges: can this digital asset sustain its current momentum?
Is Sustaining the Surge Feasible for RNDR?
Per the analysis from CryptoCrypto, RNDR is currently riding on bullish sentiment with a robust upward momentum.
A notable influx of fresh investors joining the market is contributing to this optimistic market sentiment. According to data from Coinglass, Render’s Open Interest (OI) has spiked to a record high of $173.08 million over the past day.
When Open Interest rises, it signifies increasing numbers of investors initiating new positions while existing ones maintain their trades.
Furthermore, there has been a staggering 4627% surge in the inflow of funds from large holders since December 1st, skyrocketing from 26.02k to 1.23 million. This surge suggests that whales are amassing more of this asset, with their increased trading volumes significantly boosting the altcoin’s overall trading activity.
The Stock-to-Flow ratio of RNDR has escalated from 0 to 127.14k in the previous week. This shift indicates a transition from an oversupply situation to a state of scarcity. Scarcity typically leads to heightened value owing to an augmented level of interest.
In general, heightened scarcity elicits increased demand, which commonly translates to higher valuations.
Lastly, the MVRV Long/Short Difference for RNDR has seen a consistent rise over the past week, climbing from 0.04% to 6.83% currently. This increase signifies that long-term holders are witnessing substantial growth in their profit margins while still holding positive sentiments regarding the altcoin’s future potential.
In summary, the prevailing sentiment around RNDR remains positive, positioning the coin favorably for further advancement.
Should the current trajectory persist, RNDR may face resistance near the $12.095 mark. Beyond this level, resistance is anticipated to be minimal, potentially paving the way for a new all-time high for the altcoin.