Render (RNDR) Price Prediction for November 29
The post Render (RNDR) Price Prediction for November 29 appeared on BitcoinEthereumNews.com.
RNDR, the native token of Render, is making waves during the ongoing market correction, as it appears poised for notable upside momentum. This speculation is caused by RNDR’s bullish price action pattern, significant participation from traders and investors, and overall positive market sentiment. Render (RDNR) Technical Analysis and Upcoming level According to CoinPedia’s technical analysis, RNDR recently broke out of a bullish double-bottom price action pattern and is now targeting the next resistance level at $10. However, this breakout occurred in a lower time frame (four hours), shifting the token into the bullish side. Source: Trading View Render (RNDR) Price Prediction Based on recent price action and historical momentum, there is a strong possibility that RNDR could soar by 18% to reach $10 in the coming days. Additionally, on a daily time frame, the altcoin appears bullish and shows the potential to surge by 35% to hit the $12 level soon. Bullish On-Chain Metrics In addition to technical analysis, traders have shown a strong interest and confidence in RNDR, as reported by the on-chain analytics firm Coinglass. According to the data, RNDR’s open interest (OI) has surged by 29% in the past 24 hours and 12.8% in the past four hours. This growing trader participation has pushed RNDR to a record-high open interest of $160.30 million. Source: Coinglass This growing interest not only indicates the buildup of new positions but also shows traders’ belief and confidence in the token. Additionally, RNDR’s Long/Short ratio currently stands at 1.86, indicating strong bullish sentiment among traders. According to the data, 65% of top RNDR traders hold long positions, while 35% hold short positions. Source: Coinglass Traders and investors often use a combination of rising open interest and a Long/Short ratio above 1 as a signal when building long positions. Current Price Momentum Currently,…
Filed under: News - @ November 29, 2024 1:08 am