RNDR hits $10 milestone, triggers buying signal
The native token of the Render Network, RNDR, has experienced a significant rise in value over the past week. After reaching a low of $7, RNDR has surged by 9% in the last 24 hours and is currently trading at $10.02. At its peak, the token briefly reached $10.14 at 06:00 UTC. With a market cap of $3.87 billion, RNDR now ranks as the 27th-largest cryptocurrency.
It is worth noting that RNDR reached an all-time high of $13.60 on March 17, with a market cap exceeding $5 billion. Additionally, the token’s daily trading volume has seen a 13% increase, reaching $342 million.
Data from Santiment reveals that the number of RNDR daily active addresses has risen from 1,414 to 1,601 unique wallets within a day. However, despite the surge in price, the daily on-chain transaction volume in profit for RNDR has been consistently declining since May 2, dropping from 12.2 million to 2.92 million transactions per day. This suggests that the current increase in transaction volume is driven by holdings being moved at a loss.
The RNDR Relative Strength Index (RSI) has also seen a minor increase from 51 to 58 in the past 24 hours, indicating that RNDR is slightly overheated at its current price point while still maintaining favorable conditions. An RSI below 50 could potentially indicate lower price volatility for RNDR.
As the overall bullish sentiment in the market grows, the divergence of 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 is driven by small investors accumulating the asset rather than large-scale investors.
