Render (RENDER) Analysis: Price Jumps 8.3% as Open Interest Surges 14%

Render (RENDER) rose by 8.30% in the last 24 hours, bringing it to $7.74, with a 24-hour trading volume of $200,466,026. 

Despite this daily gain, the token experienced a -12.27% decline over the past 7 days, trading in a 7-day range between $6.14 and $9.04. RENDER has a circulating supply of 520 million tokens, placing its market capitalization at approximately $4.00 billion.

During the last 24 hours, RENDER traded between $6.93 and $7.81, consolidating near the lower Bollinger Band. Current support is observed at $6.534, with resistance near the 20-day moving average of $8.751. Price movement suggests potential sideways trading unless a breakout occurs.

Indicators Show Mixed Momentum for RENDER

Technical indicators reveal mixed signals for RENDER. The Awesome Oscillator (AO) is bearish, with a value of -1.213, pointing to continued selling pressure. However, the AO histogram shows smaller red bars, signaling weakening bearish momentum. 

A bullish crossover above the zero line would confirm a potential upward trend.

The Relative Strength Index (RSI) sits at 45.41, placing it in the neutral zone but leaning bearish. If the RSI drops below 40, the price could retest support around $6.50. Conversely, a move above 50 may drive the token toward the resistance zone near $8.75, suggesting a potential recovery.

Rising Open Interest Signals Increased Speculation

According to Coinglass data, RENDER’s 24-hour trading volume decreased by 4.20% to $149.87 million, indicating reduced activity. However, open interest surged by 14.26% to $108.51 million, suggesting growing speculative interest.

The long/short ratios on Binance and OKX, at 2.9463 and 2.19, respectively, indicate that more traders are maintaining long positions. Top traders on Binance reflect even stronger bullish sentiment, with a long/short ratio of 3.8403. 

However, liquidation data reveals possible over-leverage, with $99.49K in long liquidations compared to $30.86K for shorts, potentially creating room for volatility.

Holder Data Reflects Positive Sentiment

Data from IntoTheBlock shows that 60% of RENDER holders are currently profitable, while 28% are at a loss. Additionally, 89% of the token supply is concentrated among large holders, underscoring their significant influence on price movements.

The majority of holders (60%) have held the token for 1-12 months, with only 6% holding for less than a month, signaling mid-term confidence. Transaction activity remains robust, with $98.31 million worth of transactions exceeding $100K in the past week. 

Geographically, transaction demographics are evenly split between 51% West and 49% East, reflecting strong global interest in the token.

FAQs:

What is the current price of Render (RENDER)?

RENDER is currently priced at $7.74, with a 24-hour trading volume of $200,466,026.

What are the key support and resistance levels for RENDER?

Support is at $6.534, and resistance is near the 20-day moving average at $8.751.

What percentage of RENDER holders are in profit?

Approximately 60% of RENDER holders are currently profitable, based on IntoTheBlock data.