Render

Strong

<ul class="list-ic vertical">
 <li><span>1</span> <a>Render (RNDR) shows buying pressure this week and is set for a surge.</a></li>
 <li><span>2</span> <a>Technical indicators suggest an outperform outlook ahead.</a></li>
</ul>
<p>The Render (RNDR) token price noticed a gigantic upmove and noted sharp pump activity this week. The Render (RNDR) token decisively carried the gains despite the volatile market.</p>
<p>Moreover, the RNDR token is on the way to retest the 52-week high mark around $13. Following the bull accumulation, the downward trendline was breached, and a reversal was made.</p>
<p>Since the start of May, fresh new delights have been seen, and follow-on buying momentum was witnessed, leading to a jump of over 45% this week. The Render (RNDR) token finally found the bullish path and is eyeing to cross the $13 mark.</p>
<p>At press time, the Render token (RNDR) price traded at $10.10 with an intraday drop of 1.10%, reflecting neutrality on the charts. It has a monthly return ratio of 3.90% and 444.56% yearly.</p>
<p>The pair of RNDR/BTC is at 0.000162 BTC, and the market cap is $5.40 Billion. Analysts are bullish and suggest that the Render price may stretch the up move and will skyrocket the gains in the following sessions</p>
<h2 class="wp-block-heading" id="strong-is-render-rndr-set-for-a-sharp-surge-price-action-outlook-strong"><strong>Is Render (RNDR) Set For a Sharp Surge: Price Action Outlook</strong></h2>
<p>The Render (RNDR) token’s daily charts highlight notable buying activity with a significant spike in trading volume. The intraday volume surged over 14.46% to $746.22 million, and the long/short ratio was 0.9743.</p> 
<p><a href="https://www.tradingview.com/chart/RNDRUSDT/URw8K4fK-RNDR-Price/" rel="noopener noreferrer nofollow"></a><a href="https://www.tradingview.com/u/TheCoinRepublic/" rel="noopener noreferrer nofollow">TheCoinRepublic</a><a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow"></a></p> 
<p class="has-text-align-center">Source: Twitter&nbsp;</p>
<p>Recently, the token has escaped the downward trendline mark of $8 and a sharp uptick was noted. Apart from that, the price action delivers <a href="https://www.thecoinrepublic.com/2024/05/06/chainlink-price-bouncing-back-are-institutions-bullish-on-link-crypto/" target="_blank" rel="noopener noreferrer nofollow">bullish </a>insights and the token is ready for a sharp surge in the upcoming sessions.</p>
<h3 class="wp-block-heading" id="strong-key-indicators-delivering-bullish-delights-strong"><strong>Key Indicators Delivering Bullish Delights</strong></h3>
<h3 class="wp-block-heading" id="strong-1-sharpe-ratio-strong"><strong>1. Sharpe Ratio</strong></h3>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/h7nZKK5HxhaHx1xMCrs4tOe1yS5y6zlGydBQHfbw7GWkwF9t9SstyJcjyXV1n6YrkxuW9PwjYV24VX-PDDYuYmha6xAB4goMItNfswGoe7m-n9TheljIu65T1ddw7MtEnCGEy8wIOT5c9lfGYyqus0g" alt="">
  <figcaption class="wp-element-caption">
   Source: Messari
  </figcaption>
 </figure>
</div>
<p>The above data shows that the value of the Sharpe ratio was significantly increased and reached the 1 mark. Notably, the value of 1 signifies a good number.</p>
<h3 class="wp-block-heading" id="strong-2-historical-in-out-of-the-money-strong"><strong>2. Historical In/Out Of the Money</strong></h3>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/aQZAIUT1gOJO3boxoxTfWtM_bZTkTkhlKUJQCx5uxIzayPdnv9AtDsol_wJzfey1pX97nWPWQReh5GCwvwJ4nfvClDXWTjQH66GLJBlgBNcIHlkx5G32DdsY_ssBfdJGLZmP-wL6oU7YfgptpOVrQ88" alt="">
  <figcaption class="wp-element-caption">
   Source: IntoTheBlock
  </figcaption>
 </figure>
</div>
<p>Per the above data, more than 81% of in-the-money holders at the current price levels are in profit, whereas around 10.78% are looking to secure the supply mark of $13.</p>
<h3 class="wp-block-heading" id="strong-3-futures-open-interest-strong"><strong>3. Futures Open Interest&nbsp;</strong></h3>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/pZ-bnwzm5i0TXJ0MGzBZT3EeviqMuoikpmpG15QBfGsMu5n6D5_fLQx-tcNtb-OimZ6xUoxtfYMn5zked944-3EcrQjbtkSqkItKHinlg13oA6legoCir2YaIVoqolkCnD7qXkwYFbYuVZu62cbeFw0" alt="">
  <figcaption class="wp-element-caption">
   Source: coinglass
  </figcaption>
 </figure>
</div>
<p>Meanwhile, short covering was triggered in the past 24 hrs, and a significant price surge was noted. The open interest dropped over 9.89%, noting at $156.14 million.</p>
<h3 class="wp-block-heading" id="strong-whales-activity-favours-buying-pressure-strong"><strong>Whales Activity Favours Buying Pressure&nbsp;</strong></h3>
<p>Per the data from the Lookonchain on the X platform, the recent transaction data signifies that users have withdrawn their holdings from Exchange to their wallet, which is the primary reason for the upmove this week.</p>
<center>
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr">2/ 0x15CF withdrew 748,898 <a href="https://twitter.com/search?q=%24RNDR&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$RNDR</a>($5.3M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> on Apr 30 and May 1, with a current floating profit of $2.24M.<br><br>He had traded <a href="https://twitter.com/search?q=%24RNDR&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$RNDR</a> 7 times before, 6 of which were profitable, with a win rate of 85.7% and a total profit of $3.5M!<a href="https://t.co/Uzwjdhtspy" rel="noopener noreferrer nofollow">https://t.co/Uzwjdhtspy</a> <a href="https://t.co/TnMT1D2OuS" rel="noopener noreferrer nofollow">pic.twitter.com/TnMT1D2OuS</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1788152801589416362?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 8, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 <p class="has-text-align-center">Source: Twitter (X)</p>
 <p>The immediate support levels for the Render token (RNDR) are $9.80 and $9.20, whereas the key upside hurdle is around $10.70, followed by $11.</p>
 <h4 class="wp-block-heading"><strong>Conclusion</strong></h4>
 <p>The Render (RNDR) price trades have a bullish bias, and bullish momentum has been witnessed in the last sessions. Moreover, the price action hints at the bull accumulation and denotes the short-covering activity.</p>
 <h5 class="wp-block-heading"><strong>Disclaimer</strong></h5>
 <p>The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.&nbsp;</p>
</center>

Render (RNDR): Strong Contender To Watch Out For This Month

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Thecoinrepublic.com

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