Render (RNDR) Price Prediction for November 29
RNDR, Render’s native token, is making waves amid the ongoing market correction as it appears poised for significant upward momentum. This speculation was fueled by RNDR’s bullish price action patterns, heavy participation from traders and investors, and overall positive market sentiment.
Rendering (RDNR) Technical Analysis and Upcoming Levels
According to technical analysis from CoinPedia, RNDR It recently broke out of a bullish double bottom price action pattern and now targets the next resistance level at $10. However, this breakout occurred on a shorter time frame (four hours), turning the coin bullish.
Rendering (RNDR) Price Forecast
Based on recent price action and historical momentum, there is a good chance that RNDR will surge 18% to $10 in the coming days. Furthermore, looking at the daily time frame, the altcoin looks bullish and shows the potential to surge by 35% to reach $12 levels soon.
Bullish on-chain indicators
In addition to technical analysis, traders have shown strong interest and confidence in RNDR, reported on-chain analytics firm coin glass.
Data shows that RNDR’s open interest (OI) surged 29% in the past 24 hours and 12.8% in the past 4 hours. Growing trader participation pushed RNDR’s open interest to a record $160.3 million.
This growing interest not only indicates the accumulation of new positions, but also traders’ belief and confidence in the coin.
Furthermore, RNDR’s long-short ratio currently stands at 1.86, indicating strong bullish sentiment among traders. Data shows that 65% of top RNDR traders hold long positions and 35% hold short positions.
Traders and investors often use the combination of an increase in open interest and a long-short ratio above 1 as a signal when entering long positions.
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% during the same period, indicating that traders and investors are actively participating amid the bullish outlook for the asset.
