Render prices and trading volume soars following Coinbase launch of perpetual futures.
- Coinbase to launch perpetual futures for Render. RNDR’s trading volume soars by 47.64% as prices surged by 7.72%.
Over the past week, crypto markets have attempted to reverse from the earlier market crash. Despite the increased volatility experienced by most altcoins, Render [RNDR] has experienced sustained growth over the past week.
Render makes a strong comeback
In the last 24 hours, RNDR has surged by 7.72% to trade at $5.20. In the same period, the AI-themed altcoin has surged by 47.64% in trading volume to $64.5 million.
Also, the market cap has increased by 7.13% to $2.04 billion over the past 24 hours.
The price surge and increase in trading volume showed that RNDR was experiencing increased buying pressure and demand at press time.
Thus, AMBCrypto’s analysis showed that Render was enjoying strong upward movement.
Source: TradingView
The altcoin’s Chaikin money flow (CMF) was positive at 0.07, which showed increased buying pressure. Thus, RNDR was experiencing more inflows than outflows, resulting in increased trading volume.
This is a bullish signal.
Additionally, the RVGI was positive at 0.055 indicating the altcoin was experiencing strong upward momentum.
As such, closing prices were relatively higher than the trading range, which further confirmed higher buying pressure and uptrend.
Source: Coinglass
Looking further, the increased demand for long positions has been witnessed with a sustained rise of the OI-Weighted Funding Rate.
Investors were thus confident with the altcoin’s future prospects, and willing to pay a premium for long positions.
Source: Coinglass
This phenomenon was further sustained with increased liquidation for short positions, while long positions liquidations declined. Over the past, 24 hours, short positions liquidation has increased from $36k to $73k.
Thus, those betting against the market had their positions wiped out.
Factors driving Render’s surge
One factors driving RNDR’s surge was the recent announcement by Coinbase to launch Render perpetual futures.
According to reports, Crypto exchange Coinbase has announced the Introduction of perpetual futures for RNDR.
This announcement has seen the token make significant price movements, as shown above, reflecting investors’ confidence with the exchange’s move. Through the official X page, Coinbase announced that,
“@CoinbaseIntExch will add support for Render, Saga, and Threshold perpetual futures on Coinbase International Exchange and Coinbase Advanced.”
This milestone is significant as it means traders can use leverage to trade RNDR and profit from price movements.
Therefore, the launch of Coinbase for Render is a game changer as it increases buying activities and demand for long positions.
With the current market sentiment, RNDR is well positioned for a 41% price surge to attempt a $7.0 resistance level.
Take a Survey: Chance to Win $500 USDT
Next: Bittensor bulls move towards $380 with 21% gains in 2 days
Source
