Amid bullish market conditions last week, RENDER [RENDER] experienced a strong performance, with its price surging by double digits. While this boosted investor confidence, several other developments occurred that could potentially drive further price growth for the altcoin.
Could RENDER be on the cusp of significant expansion?
The Meteoric Rise of RENDER:
The bullish momentum last week propelled RENDER’s price up by more than 18%, reaching $10.43 with a market capitalization exceeding $5.4 billion. This surge pushed 64k RENDER addresses into profit, representing 81% of all addresses holding the token according to IntoTheBlock data.
Additionally, renowned crypto analyst Rendoshi Takamoto highlighted the likelihood of a major uptrend in a tweet, attributing RENDER’s recent listing on Upbit, South Korea’s largest crypto exchange, as a positive catalyst for price growth. New listings often enhance asset availability and adoption, positively impacting prices.
Another significant development was the 35% reduction in mint inflation, setting the stage for potential future growth and alleviating obstacles hampering the token’s upward trajectory.
A Glimpse into the Future:
Encouraged by these optimistic developments, CryptoCrypto delved into RENDER’s on-chain data to determine if a price surge was imminent. Santiment’s metrics revealed a mounting buying pressure, evidenced by a substantial decline in RENDER’s exchange supply, along with a slight uptick in off-exchange holdings, indicating increased investor interest.
Moreover, prominent market players echoed this sentiment as the token’s supply held by top addresses increased significantly—a clear indication of heightened whale accumulation.
Coinglass data supported these observations, showcasing a rise in the token’s funding rate mirroring its price surge. In crypto Futures, an escalating funding rate signifies market optimism, with traders anticipating a price uptick and willing to pay premiums to maintain their long positions.
Despite these positive indicators, technical analyses presented a diverging narrative, with the Relative Strength Index (RSI) currently situated in the overbought zone, signaling a potential sell-off that could drive RENDER’s price downward. The Chaikin Money Flow demonstrated lateral movement, indicating possible stability.
In the event of a correction, RENDER might find support around $8.8. Breaching this level could lead to further declines, potentially nearing $7.3 in the days ahead.