- The rendering jumped 40.16% to a nine-month high in the past day.
- Market indicators suggest that the altcoin could reach a new ATH.
Over the past 24 hours, Render (RNDR) has seen a massive rally to hit a 9-month high of $11,853. This represents an increase of 40.16% over this period.
The altcoin saw an exponential rise in trading activity, with volume increasing 244.93% to $4.23 billion. At the same time, the market capitalization exceeded the $5 billion mark.
During this period, Render outperformed that of Bitcoin (BTC) although BTC surpassed the $100,000 mark. Among other AI coins, Internet Computer Protocol (ICP) fell 2.08%, Bittensor (TAO) fell 5.23%, and NEAR Protocol (NEAR) rose 2.7%.
Other major coins like Ripple (XRP) fell 9.71%, Solana (SOL) fell 0.70%, and Ethereum (ETH) gained 4.6%.
With Render experiencing such a massive uptrend, the question remains: can the altcoin maintain its momentum?
Can Render support the rally?
According to AMBCrypto analysis, Render is currently experiencing bullish sentiment with strong upward momentum.
AMBCrypto has noticed this positive market sentiment and optimism thanks to the new number of investors entering the market. Thus, according to Coinglass data, Render’s Open Interest (OI) climbed over the last 24 hours to reach an all-time high of $173.08 million.
When OI increases, it implies that more investors open new positions while existing positions maintain their trades.
Source: In the block
Additionally, large holder inflows increased by 4,627% since December 1, from a low of 26,020,000 to a high of 1.23 million.
This surge suggests that whales are increasing their cash inflows through accumulations. Therefore, we can conclude that the rise in open positions is mainly due to whales, who are now significantly increasing the trading volume by purchasing the altcoin.
Source: Santiment
Render’s stock-to-flow ratio increased from 0 to 127.14k over the past week. This change indicates that the altcoin has moved from oversupply to shortage. As a result, scarcity leads to higher value due to increased interest.
In general, an increased shortage increases demand, which often leads to higher prices.
Source: Santiment
Finally, Render’s MVRV Long/Short difference has seen a sustained increase over the past week, from 0.04% to 6.83%, at press time. This rise implies that holders’ long-term profit margins have increased significantly, even as they remain confident in the altcoin’s prospects.
Read Render (RNDR) Price Prediction 2024-2025
In conclusion, Render is currently experiencing bullish sentiments, positioning the altcoin for further gains.
If 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.
