RENDER can rise to $3.5 or fall to $2.1 – Where will price go?

After a breakdown of earlier upside momentum adopted by a retrace to a low of $2.03, RENDER staged a robust comeback, leaping 22% from a low of $2.2 to a 2-month excessive of $2.7, rising above the 20-, 50-, and 100-day EMAs. 

As of this writing, nonetheless, RENDER had retraced, buying and selling at $2.47, up 8.2% on the each day charts. On the identical time, its quantity climbed 230% to $242 million, reflecting renewed market curiosity.  

Render sees renewed market curiosity

RENDER’s market contributors had turned bearish of late and elevated their spending considerably. Nevertheless, the altcoin noticed a shift in sentiment on the eleventh of January as consumers returned with conviction to build up. 

Inasmuch, Accumulation Quantity jumped to 13.16 million, whereas Accumulation/Distribution Quantity reached 8.88 million. 

Supply: TradingView

This confirmed consumers’ management of the market, flipping the earlier distribution development. On the twelfth of January, accumulation momentum slowed, with ADV dropping 4.22 million, however consumers remained out there.

The identical sample emerged when AMBCrypto examined the Purchaser vs. Vendor Power indicator on TradingView. On the eleventh of January, consumers’ power soared to 70, whereas sellers’ power remained low at 29. 

On the twelfth of January, sellers confirmed larger conviction, with their power rising to 93, indicating elevated profit-taking. Whereas consumers stay, sellers have additionally begun to understand income, probably threatening upside momentum. 

Futures stay extremely bullish

Curiously, whereas Spot markets confirmed weak point after RENDER reached a 2-month excessive, urge for food for Futures positions rose even increased. 

In accordance with CoinGlass, Derivatives Quantity rose 249% to $508 million, whereas Open Curiosity climbed 30.96% to $78.43 million. 

Normally, when OI and quantity rise collectively, it suggests elevated market participation and better capital flows into Futures. 

Supply: CoinGlass

Inasmuch, RENDER’s Futures Flows surged to $168.55 million in comparison with $165.05 million in Futures Outflows.

Because of this, the Futures Netflow rose 700.26% to $3.5 million, indicating increased demand for Futures positions, whether or not quick or lengthy. 

Supply: CoinGlass

In the meantime, altcoin’s Lengthy/Brief Ratio rose to 1.02, with merchants on Binance main the way in which. A ratio above 1 advised that the majority of those merchants have been bullish and took lengthy positions, anticipating increased costs.

What momentum indicators say

RENDER cleared final week’s losses as consumers stepped in throughout the spot and Futures markets to build up. On the identical time, it confirmed weak point as sellers adopted go well with and began to understand revenue.

Because of this, the altcoin’s Relative Power Index (RSI) fell from 75 to 69, indicating rising downward stress.

Despite the fact that this momentum indicator remained inside the bullish zone, it means that consumers nonetheless have the higher hand out there.

Supply: TradingView

The subsequent transfer is determined by which aspect wins this tug-of-war. If purchaser’s momentum holds and rises once more, RENDER will efficiently retest EMA200 at $2.7 and goal $3.5 resistance.

Nevertheless, if sellers are more and more energetic and their spending overwhelms the market, RENDER will fall again to $2.1.

Last Ideas

• Render [RENDER] jumped to a 2-month excessive of $2.7 after which retraced to $2.47 at press time. 
• RENDER noticed renewed demand throughout the spot and Futures markets, however sellers elevated spending, threatening current good points.