Currently, RNDR is trading at $8.73, showing a 3% increase in the last 24 hours. This surge has pushed RNDR up by 29% in a week, positioning it as a standout performer among AI and Big Data cryptocurrencies, according to CoinMarketCap.
The recent price movements seem to have drawn the interest of major holders. Data from IntoTheBlock reveals that large transactions exceeding $100,000 have spiked by more than 400% in just two days, escalating from 164,000 RNDR to 852,000 RNDR.
With whales accounting for 76% of RNDR’s total supply, any significant activity from these large addresses is likely to impact market volatility.
The increase in whale addresses coincides with a bullish trend for RNDR, evident in its daily chart.
Resumption of Buying Activity for RNDR
On RNDR’s daily chart, the Chaikin Money Flow (CMF) shows a notable surge in buying pressure, transitioning into the positive territory. This surge reflects the highest level of buying activity seen in almost three weeks.
Furthermore, RNDR’s short-term momentum has turned bullish after breaking through resistance at the 50-day Simple Moving Average (SMA) at $8.22.
If this uptrend continues, RNDR could target the 2.618 Fibonacci level at $13.77.
Traders should monitor the 150-day SMA support at $6.31, as a breach below this level could negate the bullish momentum.
As long as RNDR remains above the short-term and long-term moving averages, the bullish momentum is likely to persist.
Signs of Rising MVRV
The Market Value to Realized Value (MVRV) ratio for RNDR has soared to its highest level in three weeks, suggesting increased profitability for holders and signaling a bullish trend.
Despite this increase, the MVRV ratio remains below its monthly peak, indicating that RNDR may not have hit overvaluation yet. The cryptocurrency potentially still has room for further growth, even after the recent 29% surge.
Additionally, an MVRV ratio of 1.48 hints that RNDR is in the early stages of a bull market cycle, reinforcing the outlook for a continued uptrend.
Surge in Open Interest for RNDR
The Open Interest for RNDR has witnessed a notable surge in recent weeks, currently standing at $161M, marking its highest level in nearly a month.
This uptick in Open Interest, combined with price appreciation, underscores a bullish sentiment and strong conviction among traders. It indicates that traders are initiating new positions on RNDR, potentially leading to increased price volatility.