As an experienced analyst, I’m closely monitoring the recent developments of the Render Network (RNDR) and its native token. Over the past week, RNDR showed impressive bullish momentum after touching a local bottom of $7. This was followed by a 9% surge in the past 24 hours, with the token trading at $10.02 at the time of writing.
Over the last week, the native cryptocurrency of the Render Network, named RNDR, experienced a surge in buying pressure and rebounded from its recent low of $7.
At present, RNDR has experienced a 9% increase in value over the last 24 hours and is being traded at a price of $10.02. This token attained its highest point in the day around 06:00 UTC, reaching $10.14. The market capitalization of Render token stands at an impressive $3.87 billion, positioning it as the cryptocurrency with the 27th largest market size.
On March 17, Render hit its peak price of $13.60 with a market capitalization exceeding $5 billion.
Additionally, the daily trading volume for the GPU rendering network’s native token increased by 13%, amounting to $342 million.
Based on Santiment’s data, there was an increase of approximately 187 unique wallets using RNDR daily, bringing the total to 1,601 over the past day.
In contrast to the rising prices, the number of daily profitable transactions on RNDR‘s blockchain has dropped significantly since May 2. A decline from approximately 12.2 million to only 2.92 million transactions per day has been observed.
The recent surge in Render transaction activity is driven by investors holding assets at a loss.
According to the market intelligence platform, the RSI for RNDR experienced a modest rise from 51 to 58 within the last 24 hours. This implies that Render is currently overbought at its current price level but still maintains favorable conditions.
An RSI of lower than 50 could potentially mean lower price volatility for Render.
With a rising market-wide optimism, the disparity between daily active addresses engaging with RNDR has significantly expanded by 625% based on Santiment’s data. This indicator suggests a robust “buy signal” for Render token as the price increase can be attributed primarily to smaller investors amassing the asset rather than large whales.
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2024-05-06 10:54