Render (RENDER) price has been on the rise since hitting a low of $3.4 on August 5. The move helped the price break above a short-term descending resistance line, signaling bear exhaustion.

After the initial surge, RENDER price corrected and confirmed the $4.5 zone as support (blue arrow) on September 6. This formed a double bottom pattern, a bullish pattern that often leads to a subsequent rally.

The daily RSI has formed a bullish divergence and reclaimed the 50 level, indicating a return of the bulls. Therefore, RENDER price is likely to rise towards the $6.4 resistance zone in the next few days.

RENDER/USDT Daily Chart | Source: TradingView

Render's open interest (OI) in the Futures market is also increasing, from $30.22 million on September 8 to $39.08 million today. OI is the total number of outstanding buy and sell contracts in the Futures market. An increase in OI shows that investors are increasingly betting on the price outlook of Render. If the price increases along with OI, this supports a bullish trend.

RENDER Open Interest (OI) | Source: Coingrass

On a monthly timeframe, Render is trading up 9%. However, the 60, 90, 180, and 365-day Market Value to Realized Value (MVRV) metrics show that investors who bought Render in the past three months or more are holding the token at an average loss, meaning they are less likely to sell at current prices.

The MVRV index represents the average profit or loss of all addresses that purchased a token over a specific period of time.

RENDER's 30-day, 60-day, 90-day, 180-day, 365-day MVRV | Source: Santiment

Meanwhile, Render’s 30-day MVRV ratio shows that investors who bought in the past month are only seeing an average gain of 2%. Therefore, this group of investors is unlikely to cause selling pressure with such small profit margins. However, a rally to $6.40 could trigger massive profit-taking by this group, leading to a subsequent correction.

If the daily candle closes below $4.5, this scenario will be invalidated.

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