Will RNDR hit the $3 level soon?

Key takeaways

RNDR is buying and selling at $2.43 after including 14% to its worth within the final 24 hours.
The coin is up 87% previously seven days, making it among the best performers within the prime 100.

RNDR hits $2.5 after an 87% rally in seven days

RNDR, the native coin of Render, a decentralized community that gives decentralized (Graphics Processing Unit) GPU compute service, is among the greatest performers among the many prime 100 cryptocurrencies by market cap within the final seven days.

The coin is up 87% within the final seven days and is now buying and selling at $2.43 per coin. Due to the most recent rally, Render’s market capitalization now stands above $1.2 billion, surpassing that of different in style cash, resembling ATOM and FIL.

Knowledge obtained from Santiment exhibits that Render’s buying and selling quantity reached $181.36 million on Tuesday, the very best since November 7. The buying and selling quantity has been steadily rising since December, indicating that merchants’ curiosity and liquidity in Render are growing. 

Moreover, Each day Energetic Addresses rose from 54 on December 26 to 536 on Tuesday, the very best degree since October 12. This implies that demand for RENDER’s blockchain utilization is growing. 

Lastly, the spinoff demand for RNDR can also be growing. Based on CoinGlass, RNDR’s futures Open Curiosity (OI) on exchanges rose from $28.90 million on Thursday to $65.89 million on Tuesday, the very best degree since October 17. The rising OI signifies new cash is getting into the market, which might see RNDR’s value respect even additional. 

Is RNDR heading in direction of $3.0?

The RNDR/USD 4-hour chart is bullish and environment friendly because of the coin including 87% to its worth within the final seven days. Its latest rally allowed it to surpass the 50-day EMA and 100-day EMA at $1.70 and $2.08, respectively

If the uptrend continues, RNDR might lengthen the rally towards the 200-day EMA at $2.73. An prolonged bullish run would see RNDR commerce above $3 for the primary time for the reason that October 10 flushing occasion. 

The Relative Power Index (RSI) on the 4-hour chart is at 84, above its overbought degree, indicating robust bullish momentum. 

Moreover, the Transferring Common Convergence Divergence (MACD) indicator exhibits a bullish crossover and rising inexperienced histogram bars above the impartial degree.

Nevertheless, if the market undergoes a correction, RNDR might lengthen its decline to the 100-day EMA and assist degree at $2.08.