Will RNDR reach the $3 level soon?
Key receivers
RNDR is trading at $2.43 after gaining 14% in the last 24 hours.
The coin has gained 87% in the last seven days, making it one of the top 100 performers.
RNDR reached $2.5 after an 87% rally in seven days
RNDR, Render Native Coin, a decentralized network that provides GPU computing services, has been one of the top 100 kriptovalyutnogo performers by market value over the past seven days.
The coin has gained 87% in the past seven days and is now trading at $2.43 per coin. Thanks to its recent rally, Render's market capitalization has now reached over $1.2 billion, surpassing popular coins like ATOM and FIL.
According to data from Sentiment, Render's trading volume reached $181.36 million on Tuesday, the highest since Nov. 7. The trading volume has been steadily increasing since December, which shows the increase in traders' interest and yields.
Additionally, daily active addresses rose from 54 on December 26 to 536, the highest level since October 12. This shows that the demand for the use of the RENDER blockchain is increasing.
Finally, the initial demand for RNDR is also increasing. According to CoinGlass, RNDR futures open interest (OI) on the exchange rose from $28.90 million on Thursday to $65.89 million on Tuesday, the highest level since October 17. The increasing OI indicates that new money is entering the market, which indicates that the value of RNDR is appreciating more.
Is RNDR Heading To $3.0?
The RNDR/USD 4-hour chart is bright and active thanks to the coin's 87% increase in value over the past seven days. The recent rally has allowed it to cross the 50-day EMA and 100-day EMA at $1.70 and $2.08, respectively.
If the uptrend continues, RNDR may extend its rally to the 200-day EMA at $2.73. An extended bullish run will see RNDR trade above $3 for the first time since the October 10 spill.
The Relative Strength Index (RSI) on the 4-hour chart is at 84, above the overbought level, indicating strong bullish momentum.
Furthermore, the Moving Average Convergence Divergence (MACD) indicator shows a higher crossing above the neutral level and a rising green histogram.
However, if the market corrects, RNDR may extend to the 100-day EMA and the support level at $2.08.
