The native token of Render Network, RNDR, has experienced a notable surge in value, breaching the $10 mark and sparking a buy signal. This surge follows a week-long bullish momentum, with RNDR rebounding from a local low of $7.
As of the latest data, RNDR has seen a 9% increase in the past 24 hours, reaching $10.02, briefly peaking at $10.14 around 06:00 UTC. With a market cap of $3.87 billion, RNDR currently ranks as the 27th-largest cryptocurrency. Notably, on March 17, RNDR hit an all-time high of $13.60, boasting a market cap exceeding $5 billion.
The token has also witnessed a significant uptick in its daily trading volume, surging by 13% to reach $342 million. Data from Santiment reveals a rise in RNDR daily active addresses, climbing from 1,414 to 1,601 unique wallets in the past day.
However, amidst the price surge, RNDR’s daily on-chain transaction volume in profit has been steadily decreasing since May 2, dropping from 12.2 million to 2.92 million transactions per day. This suggests that despite the rise in transaction volume, holdings are moving at a loss.
The RNDR Relative Strength Index (RSI) has seen a minor uptick from 51 to 58 over the past 24 hours, indicating that Render is slightly overheated at its current price point but still within favorable conditions. An RSI below 50 could signify reduced price volatility for RNDR.
With a growing marketwide bullish sentiment, the RNDR daily active addresses divergence has surged to 625%, as per Santiment. This indicates a strong “buy signal” for the Render token, driven by small investors accumulating the asset rather than large-scale whales.
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