Render surged over 10%, breaking out of a bearish trend and challenging the $8.87 level.
- RNDR was up by 10% in the last 24 hours as of press time, with volume surging by 22%. Since October, Render has seen multiple spikes in large holders’ netflow.
Render[RNDR] was among the biggest gainers in the last 24 hours as of press time with more than 10% while its daily trading volume soared by over 22% as per CoinMarketCap.
RNDR broke out from a bearish trend, suggesting a strong bullish uptrend. Its price breached a key descending trendline of a symmetrical triangle pattern that had suppressed price throughout the early parts of the year.
The breakout was a clear signal of changing market sentiment, swinging from bearish to bullish.
A bullish crossover was observed with the MACD line surpassing the signal line amidst expanding volume bars, indicating increasing buying momentum.
Source: TradingView
At the time of writing, RNDR was challenging the $8.87 level. If it maintains its upward momentum, the next major resistance is at $13.82, a critical zone that might see some price consolidation or a minor pullback.
If RNDR successfully upholds its current levels, analysts see potential for reaching as high as $15 by December’s end. Longer-term targets are set between $20 and $30, driven by sustained buyer interest and overall market dynamics.
Render Spot Inflow/Outflow analysis
Looking at Spot Inflow/Outflow, more money flowed into the asset than out suggesting increased buying pressure, potentially indicating investor confidence or speculative interest.
As of press time, RNDR experienced a sharp spike in net inflow of $2.91 million. This is lower than the inflow on the 12th of November and coincides with an increase in its price to $8.869.
Source: Coinglass
Periods of high net inflows align closely with positive price movements, suggesting that capital influxes tend to push the price higher. Conversely, lower or negative inflows correlate with stable or declining prices.
The recent spike in inflows suggests that Render may continue to see upward price movements. If the trend of net positive inflows persists, it further supports a bullish outlook for the asset in the near term.
Large holder netflow
Again, there were spikes in large holder netflow correlating with its uptrend since late October. Specifically, large inflows peaked around early November, reaching upwards of 2.49 million RNDR.
These spikes, notably in November, aligned closely with substantial price hikes, where the price momentarily touched and exceeded $8.00.
During these periods, the net inflow spikes suggested substantial buying activity or accumulation by larger holders, which in turn appeared to have driven the price upwards.
Source: IntoTheBlock
However, following these peaks, netflows have occasionally dipped into negative territory, indicating potential profit-taking activities or redistribution among holders.
Recent netflow spikes suggested continued interest and potential buying pressure from large holders.
If this pattern of positive net inflows persists, it could reinforce the current bullish momentum, potentially pushing RNDR towards higher resistance levels.
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