Assessing if Render [RNDR] can soar 30%, reach $10 soon

• With a successful retest, RNDR could soar by 30% to reach the $10 level.
• 64.84% of RNDR holders were profitable, while 24.89% faced losses.

Render’s [RNDR] recent breakout has garnered significant attention, as it was poised for a notable upside rally.

Over the last 24 hours, whales and institutions have shown considerable interest, driven by the formation of a bullish price action pattern.

Whales participation on the rise

Recently, IntoTheBlock, an on-chain analytics firm, shared data revealing that the large transaction volume for RNDR has grown by 310% in the past 24 hours.

This significant rise in large transactions suggested whale and institutional participation as Render’s price positions itself for an upside rally, indicating a bullish signal.

Apart from price action, other factors supporting RNDR’s bullish outlook included positive on-chain metrics and favorable market sentiment.

Render: Assessing key levels 

On the 18th of November, RNDR successfully broke out from a strong resistance level at $7.25 and is currently retesting the breakout level.

This breakout followed the breach of a consolidation zone, which usually signals a bullish trend.

Based on recent price action, RNDR has successfully retested the breakout level, and there is a strong possibility it could rally nearly 30% to reach the $10 level in the coming days.

At press time, the asset was trading above the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating an uptrend.

Meanwhile, its Relative Strength Index (RSI) was in overbought territory, suggesting the possibility of a price correction in the coming days.

Bullish on-chain metrics 

In addition to technical analysis, on-chain metrics further supported RNDR’s bullish outlook.

According to on-chain analytics firm Coinalyze, RNDR’s Open Interest has increased by 5% in the past 24 hours, reflecting growing trader interest amid the bullish sentiment for altcoins.

The combination of these on-chain metrics and technical analysis suggested that bulls were dominating the asset, potentially supporting the altcoin in its upcoming rally.

Current price momentum 

At press time, 64.84% of RNDR holders were profitable, 24.89% are facing losses, and nearly 10.27% are at break-even.

Given the current market sentiment, the profitability of holders is expected to increase as prices continue to rally.

Read Render’s [RNDR] Price Prediction 2024–2025

At press time, RNDR was trading near $7.67, having remained stable over the past 24 hours.

During the same period, its trading volume has increased by 30%, indicating heightened participation from traders and investors amid bullish market sentiment.