- Render transactions exceeding $100,000 surged from 164,000 to 852,000 in two days.
- This rise has coincided with a resumption of buying activity, as the CMF shows.
Render [RNDR], at press time, traded at $8.73 after a 3% gain in 24 hours. Following these gains, Render was up 29% in one week, making it a top performer among AI and Big Data coins, per CoinMarketCap.
These gains seem to have attracted the attention of large addresses. Per IntoTheBlock, large transactions exceeding $100,000 have surged by more than 400% in two days, from 164,000 RNDR to 852,000 RNDR.
Source: IntoTheBlock
Whales make up 76% of Render’s total supply. Therefore, when these large addresses become active, it is bound to impact price volatility.
The surge in large addresses has also coincided with a bullish momentum for RNDR, as depicted in its one-day chart.
Render’s buying activity resumes
The Chaikin Money Flow (CMF) on Render’s daily chart showed a surge in buying pressure after flipping to the positive region. This surge showed that buying activity was at the highest level in nearly three weeks.
Render’s short-term momentum also flipped bullish after the altcoin flipped resistance at the 50-day Simple Moving Average (SMA) at $8.22.
A continuation of this uptrend could see RNDR target the 2.618 Fibonacci level at $13.77.
Source: TradingView
Traders should also watch for support at the 150-day SMA ($6.31) as a drop below could invalidate the bullish momentum.
As long as Render continues to trade above the short-term and the long-term moving averages, the momentum will remain positive.
Rising MVRV suggests…
Render’s Market Value to Realized Value (MVRV) ratio has surged to its highest level in three weeks. This rise shows increased profitability for holders, which results in a bullish momentum.
Despite the rise, the MVRV was still below the monthly high, an indication that Render is yet to be overvalued. Therefore, despite the 29% gain in one week, RNDR still has room to grow.
Source: IntoTheBlock
An MVRV ratio of 1.48 also suggested that RNDR was in the early stages of a bull market cycle, further confirming the thesis of a continued uptrend.
Realistic or not, here’s RNDR’s market cap in BTC’s terms
Render’s Open Interest surges
Render’s Open Interest has increased significantly in recent weeks. At press time, OI stood at $161M, marking its highest level in nearly one month.
Source: Coinglass
This rising OI alongside a price increase shows bullish momentum and high conviction among traders. It also shows that traders are opening new positions on RNDR, which could result in more volatile price movements.
