Render (RENDER) experienced a rapid surge in value, with its upward trajectory gaining momentum once it surpassed the critical level of $5.22 and transitioned into a bullish market structure. This significant milestone was reached over the weekend, resulting in RENDER soaring by an impressive 38% in just slightly over two days.
The next levels of resistance on longer timeframes stand at 29% and 56% above the current market rates. While the token is poised to reach these new highs and potentially exceed them, a potential pullback in Bitcoin (BTC) prices could impact short-term market sentiment.
Key Level Successfully Regained by Render
Following the successful closure of a daily trading session above $5.22, the token witnessed substantial gains over the past four days. The price surged by 38.5% and registered a notable 78.17% increase from the lows on November 4th.
The Awesome Oscillator signaled a bullish crossover shortly after the market structure turned bullish, while the A/D indicator started an upward climb, reflecting a surge in buying pressure.
Although Render faced challenges breaching the $6.6-$6.85 resistance zone, the A/D indicator remained relatively stable. However, the lack of substantial accumulation implied that buyer confidence may have been lacking in recent months.
As Render approaches the critical $7.13 level, buyers might be enticed by its stellar performance. Notable resistance levels beyond this point include $9.36 and $11.3.
Notable Demand Surge in Lower Timeframes
The robust gains observed last week coincided with a significant increase in both Open Interest and spot CVD. Open Interest escalated from $43.8 million to $86.4 million within a span of three days.
Spot CVD, which had experienced a decline in early November, stabilized before witnessing an uptick as market sentiment turned more bullish. This growth trend suggests that further gains could be on the horizon in the following weeks.
Disclaimer: The information provided is the writer’s personal opinion and should not be regarded as financial, investment, or trading advice.