- Render surged by 40.16% to a nine-month high over the past day.
- Market indicators suggested that the altcoin could hit a new ATH.
Over the past 24 hours, Render [RNDR] has experienced a massive rally to hit a 9-month high of $11.853. This marked a 40.16% increase over this period.
The altcoin experienced an exponential spike in trading activities, with volume increasing by 244.93% to $4.23 billion. Simultaneously, the market cap surged past the $5 billion mark.
During this period, Render outperformed Bitcoin’s [BTC] despite BTC surpassing the $100K milestone. Among other AI coins, Internet Computer Protocol [ICP] declined by 2.08%, Bittensor [TAO] dropped by 5.23%, and NEAR Protocol [NEAR] rose by 2.7%.
Other major coins like Ripple [XRP] fell by 9.71%, Solana [SOL] declined by 0.70%, and Ethereum [ETH] gained 4.6%.
With Render experiencing such a massive uptrend, the question remains: can the altcoin sustain its momentum?
Can Render sustain the rally?
According to AMBCrypto’s analysis, Render is currently experiencing bullish sentiment with a strong upward momentum.
AMBCrypto noticed this positive market sentiment and bullishness through the new number of investors entering the market. As such, according to Coinglass data, Render’s Open Interest(OI) has soared over the past 24 hours to an all-time high of $173.08 million.
When OI rises, it implies that more investors are opening new positions while the existing ones hold their trades.
Source: IntoTheBlock
Additionally, large holders’ inflow has surged by 4627% since the 1st of December, rising from a low of 26.02k to a high of 1.23 million.
This surge suggests that whales are increasing their fund inflow through accumulations. Therefore, we can conclude that the rising open positions are mainly driven by whales, who are now significantly boosting trading volume by purchasing the altcoin.
Source: Santiment
Render’s Stock-to-Flow ratio has surged from 0 to 127.14k over the past week. This shift indicates that the altcoin has moved from oversupply to scarcity. As a result, the scarcity leads to higher value due to increased interest.
Generally, increased scarcity raises demand, which often leads to higher prices.
Source: Santiment
Finally, Render’s MVRV Long/Short Difference has seen a sustained rise over the past week, increasing from 0.04% to 6.83%, at press time. This surge implies that long-term holders’ profit margins have increased significantly, even as they remain confident in the altcoin’s prospects.
Read Render’s [RNDR] Price Prediction 2024–2025
In conclusion, Render is currently experiencing bullish sentiments, positioning the altcoin for further gains.
If the current conditions hold, Render will encounter resistance around $12.095. Above this level, resistance is minimal, and the altcoin could reach a new all-time high.
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