- Render is attempting to break above a key rectangle channel's $5.155 resistance level.
- A successful move above this resistance could send Render toward the $6.097 level.
- A notable uptick in the 30-day MVRV could cause Render to witness high selling pressure.
Render is down 2% on Wednesday as it attempts to break above the $5.155 key resistance level. This move could trigger a rally and cause a notable uptick in average gains for investors who purchased it within the last 30 days.
Render attempts move above key resistance
Render fell below the $5.155 resistance level of a key rectangle channel on Wednesday after briefly moving above it earlier on Tuesday. In the past month, Render has sustained several sideways moves within this channel.
While the AI token is looking to retest the $5.155 resistance again, it's restricted by the 200-day Simple Moving Average (SMA). An extended move above the 200-day SMA could flip the $5.155 resistance into a support and stage a rally toward the $6.097 level. Conversely, if it sees another rejection around $5.155, it could decline toward the $4.274 support level.
RENDER/USDT 4-hour chart
The Relative Strength Index (RSI) is at 52, just above the neutral level, indicating bullish momentum. The Stochastic Oscillator (Stoch) is below the neutral level at 47.
Render's Futures Open Interest (OI) has also been rising, increasing from $30.22 million on September 8 to $39.08 million on Wednesday. Open interest is the total number of unsettled long and short contracts within a derivatives market. The rising OI indicates that investors are increasingly placing bets on the price of Render. If prices are rising alongside it, the OI supports a bullish move.
RENDER Open Interest
On the monthly time frame, Render is trading at a 9% gain. However, its 60-day, 90-day, 180-day and 365-day Market Value to Realized Value (MVRV) shows investors who bought Render in the past three months and upward are holding their tokens at an average loss, meaning they're less likely to sell at current prices.
The MVRV indicates the average profits or loss of all addresses that purchased a token within a specific time frame.
RENDER 30-day, 60-day, 90-day, 180-day, 365-day MVRV
Meanwhile, Render's 30-day MVRV ratio indicates that investors who bought in the past month are only seeing an average gain of 2%. Hence, this cohort of investors is less likely to cause any selling pressure currently with such a tiny profit margin. However, a rally toward $6.097 could cause massive profit-taking among this cohort and a subsequent price correction.
A daily candlestick close below $4.74 would invalidate the thesis.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin: Retraces to around $75,000 after hitting new all-time high
Bitcoin (BTC) edges slightly down on Thursday and trades at around $74,900 after hitting a new all-time high (ATH) of $76,400 on Wednesday, buoyed by the victory of the crypto-friendly candidate Donald Trump in the US presidential election.
Ethereum price jump spurs most significant ETF inflows in six weeks
After a positive momentum in crypto markets following the outcome of the US presidential election, spot Ether exchange-traded funds (ETFs) in the United States saw their highest inflows in six weeks.
Top trending meme coins PEPE, BONK, and FLOKI achieve double-digit gains following Trump’s victory
The prices of top trending meme coins Pepe (PEPE), Bonk (BONK) and FLOKI (FLOKI) experienced double-digit gains following Trump’s victory on Wednesday. The technical outlook suggests that the three meme coins hover around key levels, and the breakout could push these coins higher.
Coinbase’s Paul Grewal urges SEC to embrace change on crypto after Trump's victory
Paul Grewal, Coinbase's Chief Legal Officer, has asked the US Securities & Exchange Commission to reconsider how it regulates cryptocurrencies now that Donald Trump has been elected to a second term as president.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.