Render (RNDR) recently caught attention due to a surge in its price following Bitcoin’s rise to $35,000. Currently priced at $2.48, RNDR demonstrated a notable 64% increase over the last 30 days.
Santiment, an on-chain analytics platform, highlighted RNDR’s substantial growth, attributing it to increased network activity and interaction among large investors. These activities pushed RNDR’s social dominance to its highest level in months.
What’s Driving RNDR’s Potential
This rise often signifies growing market attention and adoption, typically resulting in positive price actions, which RNDR has clearly displayed.
Despite its significant price surge, RNDR might continue its upward trajectory in November. The token is associated with Render, a platform focusing on utilizing idle computational power for rendering from GPU providers. This places RNDR among the AI-related tokens, given GPUs’ importance in deep-learning models.
November is expected to host various AI-related conferences, which could potentially boost cryptocurrencies like RNDR, further aligning with its narrative and potentially enhancing its performance during the month.
Potential for a Dip Before a Surge
RNDR/USD’s 4-hour chart indicates a correction phase after a substantial price increase from $2.10 to $2.59. The Relative Strength Index (RSI) dropped to 5.06, signifying an oversold condition after hitting 97.60 on October 29.
An RSI above 80 suggests overbought conditions, while values below 20 indicate oversold levels. The current bearish trend could serve as a buying signal that might alter the price direction.
Support around $2.44 could lead to an upturn if buying pressure strengthens, possibly propelling RNDR towards $2.70 and potentially aiming for $3.00, considering the current market momentum.
Technical Indicators Supporting a Bullish Outlook
The Directional Movement Index (DMI) illustrates a promising picture for RNDR, with the +DMI (green) at 27.43 and the -DMI (red) at 12.47. This discrepancy indicates that the selling pressure isn’t as significant as the buying momentum.
Additionally, the Average Directional Index (ADX) at 57.24 indicates a strong directional movement in RNDR’s favor, hinting at potential upward movement.
Note: This information serves educational purposes only and is not financial advice. Coin Edition is not liable for any losses incurred from actions taken based on this content. Readers are encouraged to exercise caution before making any financial decisions
