Supplier (RNDR) price forecast for November 29
RNDR, a native of Render, is making waves during the ongoing market correction as it is poised for a notable reversal. This estimate was generated by RNDR's high price performance, significant participation by traders and investors and overall positive market sentiment.
Render (RDNR) technical analysis and upcoming level
According to CoinPedia's technical analysis, RNDR recently broke out of a bullish double-bottom price action pattern and is now targeting the next resistance level at $10. However, this reversal occurred in a lower time frame (four hours), shifting the signal to the bullish side.
Supplier (RNDR) price forecast
Based on recent price action and historical momentum, there is a strong possibility that RNDR will rise by 18% to reach $10 in the coming days. Additionally, on the daily time frame, the altcoin looks bullish and shows the potential to rise by 35% to hit the $12 level soon.
Bullish On-Chain Indicators
In addition to technical analysis, traders have shown great interest and confidence in RNDR, according to the chain analysis company Coinglass.
According to the data, RNDR's open interest (OI) rose by 29 percent in the last 24 hours and by 12.8 percent in the last four hours. This growing trader participation has pushed RNDR to a record open interest of $160.30 million.
This growing demand not only shows the accumulation of new positions, but also the confidence of traders and their trust in the token.
Additionally, RNDR's long/short ratio currently stands at 1.86, indicating strong bullish sentiment among traders. According to the data, 65% of top RNDR traders hold long positions while 35% hold short positions.
Often traders and investors use a combination of open interest and long/short ratio greater than 1 when building long positions.
Current price momentum
Currently, most of the top cryptocurrencies are struggling to gain momentum, and RNDR ranks 3rd in terms of value gains. At press time, RNDR is trading near $8.50 and has gained over 9.25% in the last 24 hours. Meanwhile, the transaction volume rose by 98 percent, indicating significant participation from traders and investors in the property giant's view.
