Render’s native token RNDR is making waves amid the ongoing market correction as it appears poised to gain significant upward momentum. This speculation was fueled by RNDR’s bullish price action pattern, heavy participation from traders and investors, and overall positive market sentiment.

RDNR Technical Analysis and Upcoming Levels

According to CoinPedia’s technical analysis, RNDR recently broke out of a bullish double bottom price action pattern and is currently eyeing the next resistance level at $10. However, this breakout occurred on a shorter timeframe (four hours), turning the coin bullish.

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Render (RNDR) Price Prediction

Based on the recent price action and historical momentum, there is a high chance that RNDR could surge by 18% to $10 in the coming days. Moreover, on the daily timeframe, the altcoin appears bullish and shows the potential to surge by 35% to $12.

On-chain indicators are bullish

Data shows that RNDR’s open interest (OI) has surged 29% in the past 24 hours and 12.8% in the past 4 hours. The increasing participation of traders has pushed RNDR’s open interest to a new high of $160.3 million.

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This growing interest not only indicates new positions being built but also the belief and confidence that traders have in the token.

Additionally, the long/short ratio of RNDR is currently at 1.86, indicating strong bullish sentiment among traders. According to the data, 65% of the top RNDR traders hold long positions, while 35% of traders hold short positions.

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Traders and investors often use the combination of increasing open interest and a long/short ratio above 1 as a signal when establishing a long position.

Current Price Momentum

Currently, most of the top cryptocurrencies are struggling to gain momentum, with RNDR ranking third in terms of price gains. At press time, RNDR was trading near $8.50, gaining more than 9.25% in the past 24 hours. Meanwhile, its trading volume surged 98% over the same period, indicating significantly higher participation from traders and investors amid the bullish outlook for the asset.