The native token of the Render Network, RNDR, has experienced a bullish trend over the past week, bouncing back from a recent low of $7.
RNDR has risen by 9% in the last 24 hours and is currently trading at $10.02. It briefly reached an intraday high of $10.14 around 06:00 UTC. With a market cap of $3.87 billion, Render token now ranks as the 27th-largest cryptocurrency.
It’s worth noting that RNDR hit an all-time high of $13.60 with a market cap exceeding $5 billion on March 17.
Additionally, the native token of the GPU rendering network saw a 13% increase in its daily trading volume, reaching $342 million.
According to data from Santiment, the number of daily active addresses for RNDR rose from 1,414 to 1,601 unique wallets over the past day.
Despite the price surge, the daily on-chain transaction volume for RNDR in profit has consistently decreased since May 2, dropping from 12.2 million to 2.92 million transactions per day. This suggests that the recent rise in Render transaction volume has been accompanied by holdings moving at a loss.
The RNDR Relative Strength Index (RSI) also saw a slight increase from 51 to 58 over the past 24 hours, according to the market intelligence platform. While indicating that Render is somewhat overheated at this price point, the RSI still suggests favorable conditions overall.
An RSI below 50 could imply reduced price volatility for Render.
As bullish sentiment pervades the market, the divergence in RNDR daily active addresses has surged to 625%, according to Santiment. This indicates a strong “buy signal” for the Render token, as the price surge has been driven by small investors accumulating the asset rather than large holders.
Summary Review: RNDR’s recent ascent to the $10 mark marks a significant milestone for the Render Network token, accompanied by positive indicators for potential buyers. Despite a recent low, RNDR has rallied, showing resilience in the face of market fluctuations. While daily trading volume and active addresses have increased, there is a notable decline in on-chain transaction volume in profit, suggesting some holders may be offloading at a loss. The RNDR Relative Strength Index indicates a slight overheating but still favorable conditions. With a surge in small investors accumulating RNDR, rather than large holders dominating, there’s a strong “buy signal” sentiment in the market. As RNDR continues its journey, it will be interesting to observe how these dynamics evolve and shape its future trajectory.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
