Render price forecast: Will RNDR hit the $3 level soon?

Source: CryptoNewsNet Original Title: Render price forecast: Will RNDR hit the $3 level soon? Original Link:

Key Takeaways

• RNDR is trading at $2.43 after adding 14% to its value in the last 24 hours.
• The coin is up 87% in the past seven days, making it one of the best performers in the top 100.

RNDR Hits $2.5 After an 87% Rally in Seven Days

RNDR, the native coin of Render, a decentralized network that provides decentralized Graphics Processing Unit (GPU) compute service, is one of the best performers among the top 100 cryptocurrencies by market cap in the last seven days.

The coin is up 87% in the last seven days and is now trading at $2.43 per coin. Thanks to the latest rally, Render’s market capitalization now stands above $1.2 billion, surpassing that of other popular coins, such as ATOM and FIL.

Data obtained from Santiment shows that Render’s trading volume reached $181.36 million on Tuesday, the highest since November 7. The trading volume has been steadily rising since December, indicating that traders’ interest and liquidity in Render are increasing.

Furthermore, Daily Active Addresses rose from 54 on December 26 to 536 on Tuesday, the highest level since October 12. This suggests that demand for RENDER’s blockchain usage is increasing.

Finally, the derivative demand for RNDR is also increasing. According to CoinGlass, RNDR’s futures Open Interest (OI) on exchanges rose from $28.90 million on Thursday to $65.89 million on Tuesday, the highest level since October 17. The rising OI indicates new money is entering the market, which could see RNDR’s price appreciate even further.

Is RNDR Heading Towards $3.0?

The RNDR/USD 4-hour chart is bullish and efficient thanks to the coin adding 87% to its value in the last seven days. Its recent 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 could extend the rally toward the 200-day EMA at $2.73. An extended bullish run would see RNDR trade above $3 for the first time since the October 10 flushing event.

The Relative Strength Index (RSI) on the 4-hour chart is at 84, above its overbought level, indicating strong bullish momentum.

Furthermore, the Moving Average Convergence Divergence (MACD) indicator shows a bullish crossover and rising green histogram bars above the neutral level.

However, if the market undergoes a correction, RNDR could extend its decline to the 100-day EMA and support level at $2.08.