RENDER’s price eyes 40% rally – Here’s what must happen first!
RENDER is doing well, but can it do even better soon?
- On-chain metrics revealed that exchanges registered outflows of $3.69 million worth of RENDER
- Render’s Open Interest surged by 10% in the last 24 hours – A sign of increasing trader interest
RENDER, the native token of Render, may be poised for a notable upside rally as it approaches a bullish breakout. In fact, the larger cryptocurrency market sentiment appears to be recovering too, with top assets like Bitcoin (BTC), Ethereum (ETH), and XRP maintaining a positive outlook.
RENDER bullish on-chain metrics
Amid a positive outlook, long-term holders and traders have demonstrated strong interest and confidence in the token, according to the on-chain analytics firm Coinglass. Data from RENDER’s Spot inflow/outflow revealed that exchanges worldwide recorded significant outflows of $3.69 million worth of RENDER.
In the realm of cryptocurrencies, “outflow” refers to the movement of assets from exchanges to wallet addresses, indicating potential upside momentum and an ideal buying opportunity.
Meanwhile, Render’s Open Interest surged by 10% in the last 24 hours, reflecting a hike in traders’ interest and the formation of new positions. Especially as the price seemed to close in on the breakout level.
RENDER technical analysis and key levels
According to AMBCrypto’s technical analysis, RENDER may be on the verge of breaking out from the descending trendline, a critical horizontal level, and the 200 Exponential Moving Average (EMA) on the four-hour timeframe.
Based on its recent price action, if the altcoin breaks through these hurdles and closes a four-hour candle above the $8.10 level, there is a strong possibility it could initially rise by 15% to reach the next resistance level at $9.50. In fact, it could potentially climb by 40% overall to hit the $11.65-level in the future.
On the positive side, RENDER’s Relative Strength Index (RSI) had a value of 50.5 at press time, indicating that the asset was below the overbought zone. This suggested the asset still has significant room to rise in the coming days.
Combining these on-chain metrics with technical analysis implied that bulls have been dominating the asset and could provide support as it overcomes its press time hurdles.
