RENDER is slowly rising, currently trading at $2.54 and up by more than 20% in a day. With that, it has been a major contributor to the AI sector’s recent growth. The larger AI category has grown by about 7.15% in the last 24 hours, with RENDER playing a key role, as per SoSoValue data.
With that, RENDER is up more than 90% for the past week, and 24-hour trade volume is up by more than 70% to $242 million. This price boom increased RENDER’s market valuation past $1.2 billion, exceeding that of other major altcoins like Cosmos (ATOM) and Filecoin (FIL).
When analysing the derivatives data, according to Coinglass, RENDER futures Open Interest surged 30.76% and stands at $75.62 million, showing that new money is entering the market and indicating increased buying. This might boost the current uptrend. Also, these moves altogether made RENDER the first top gainer across CoinMarketCap cryptos.
On the daily chart, RENDER’s price shows a sharp bullish momentum, indicating significant purchasing demand. With that, the immediate upside zone is around $2.80-$3.00, which corresponds to a past resistance area, but if the market correction happens, the downside zone appears near $2.00, which acts as an immediate support zone. A further decline might bring the price back around $1.7, which represents a stronger support zone.
The Relative Strength Index (RSI) value is found at 84, signaling increased confidence among traders, yet it positions the RENDER in the overbought zone, indicating that a small consolidation could occur.
While the RENDER’s Moving Average Convergence Divergence (MACD) line crosses over the signal line, a positive turn, confirming short-term price strength. With that, RENDER’s current market behavior and upside momentum suggest renewed trader interest after a period of stagnation.
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