With RENDER experiencing a significant surge in price, there are indications that it could be heading towards a bullish breakout. This positive momentum aligns with the overall recovery seen in the broader cryptocurrency market, where major assets such as Bitcoin (BTC), Ethereum (ETH), and XRP are showing favorable trends.
Positive On-Chain Metrics for RENDER Token
Long-term holders and traders are showing strong interest in RENDER, as revealed by on-chain analytics by Coinglass. Data on RENDER’s Spot inflow/outflow indicates that exchanges globally have witnessed substantial outflows totaling $3.69 million worth of RENDER.
In the context of cryptocurrencies, “outflow” refers to the transfer of assets from exchanges to wallet addresses, signifying a potential uptrend and an attractive buying opportunity.
Furthermore, Render’s Open Interest has spiked by 10% over the past day, signaling increased trader activity and the establishment of new positions, especially as the price approaches a breakout level.
Technical Analysis and Key Levels for RENDER
As per CryptoCrypto’s technical analysis, RENDER appears to be at a critical juncture, poised to break through the descending trendline, a crucial horizontal level, and the 200 Exponential Moving Average (EMA) on the four-hour chart.
Considering its recent price movements, if the token successfully surges past these obstacles and closes a four-hour candle above $8.10, there is a strong likelihood of an initial 15% increase to target the next resistance level at $9.50. Moreover, a potential overall surge of 40% to reach $11.65 could be on the cards in the future.
On a positive note, RENDER’s Relative Strength Index (RSI) currently stands at 50.5, suggesting that the asset is not yet in the overbought territory. This indicates that there is room for further upside in the days ahead.
By combining the on-chain metrics with technical analysis, it becomes apparent that bulls are in control of RENDER, potentially providing crucial support as the token navigates its current challenges.