Render could rally if it sustains an extended move above key resistance

Source Fxstreet
  • Render is attempting to break above a key rectangle channel's $5.155 resistance level.
  • A successful move above this resistance could send Render toward the $6.097 level.
  • A notable uptick in the 30-day MVRV could cause Render to witness high selling pressure.

Render is down 2% on Wednesday as it attempts to break above the $5.155 key resistance level. This move could trigger a rally and cause a notable uptick in average gains for investors who purchased it within the last 30 days.

Render attempts move above key resistance

Render fell below the $5.155 resistance level of a key rectangle channel on Wednesday after briefly moving above it earlier on Tuesday. In the past month, Render has sustained several sideways moves within this channel.

While the AI token is looking to retest the $5.155 resistance again, it's restricted by the 200-day Simple Moving Average (SMA). An extended move above the 200-day SMA could flip the $5.155 resistance into a support and stage a rally toward the $6.097 level. Conversely, if it sees another rejection around $5.155, it could decline toward the $4.274 support level.

RENDER/USDT 4-hour chart

RENDER/USDT 4-hour chart

The Relative Strength Index (RSI) is at 52, just above the neutral level, indicating bullish momentum. The Stochastic Oscillator (Stoch) is below the neutral level at 47.

Render's Futures Open Interest (OI) has also been rising, increasing from $30.22 million on September 8 to $39.08 million on Wednesday. Open interest is the total number of unsettled long and short contracts within a derivatives market. The rising OI indicates that investors are increasingly placing bets on the price of Render. If prices are rising alongside it, the OI supports a bullish move.

RENDER Open Interest

RENDER Open Interest

On the monthly time frame, Render is trading at a 9% gain. However, its 60-day, 90-day, 180-day and 365-day Market Value to Realized Value (MVRV) shows investors who bought Render in the past three months and upward are holding their tokens at an average loss, meaning they're less likely to sell at current prices.

The MVRV indicates the average profits or loss of all addresses that purchased a token within a specific time frame.

RENDER 30-day, 60-day, 90-day, 180-day, 365-day MVRV

RENDER 30-day, 60-day, 90-day, 180-day, 365-day MVRV

Meanwhile, Render's 30-day MVRV ratio indicates that investors who bought in the past month are only seeing an average gain of 2%. Hence, this cohort of investors is less likely to cause any selling pressure currently with such a tiny profit margin. However, a rally toward $6.097 could cause massive profit-taking among this cohort and a subsequent price correction.

A daily candlestick close below $4.74 would invalidate the thesis.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Fed Decision Eve: 104 Economists Expect No Change; Why Is Citadel Securities Betting on a Surprise Hike?The Federal Reserve will announce its July interest rate decision on July 29, Eastern Time. The current target range for the federal funds rate remains at 3.5%-3.75%, but the suspense sur
Author  TradingKey
11 hours ago
The Federal Reserve will announce its July interest rate decision on July 29, Eastern Time. The current target range for the federal funds rate remains at 3.5%-3.75%, but the suspense sur
placeholder
WTI Oil flirts with the $80 level amid speculation about US-Iran peace talksOil prices remain depressed on Tuesday, as hopes of a new round of peace talks between the US and Iran boosted hopes of a de-escalation of the Middle East conflict.
Author  FXStreet
12 hours ago
Oil prices remain depressed on Tuesday, as hopes of a new round of peace talks between the US and Iran boosted hopes of a de-escalation of the Middle East conflict.
placeholder
Gold declines despite easing concerns over inflation, interest rate hikesGold price (XAU/USD) loses ground after registering gains in the previous day, trading around $4,050 per troy ounce during the Asian hours on Tuesday.
Author  FXStreet
20 hours ago
Gold price (XAU/USD) loses ground after registering gains in the previous day, trading around $4,050 per troy ounce during the Asian hours on Tuesday.
placeholder
Gold Price Forecast: Gold Poised to Break $4,200 as Oil Price Slump Eases Inflation FearsAs of the Asian session on July 27, gold prices ( XAUUSD) opened with a strong gap up today and maintained its upward momentum intraday, briefly breaking through $4,100 during the session
Author  TradingKey
Yesterday 08: 51
As of the Asian session on July 27, gold prices ( XAUUSD) opened with a strong gap up today and maintained its upward momentum intraday, briefly breaking through $4,100 during the session
placeholder
Middle East War updates: US-Iran pause strikes as Trump weighs up diplomatic optionsHere’s a brief recap of the key developments in the Middle East war that occurred over the weekend, which are expected to have a significant impact on markets in the upcoming week.
Author  FXStreet
Yesterday 01: 32
Here’s a brief recap of the key developments in the Middle East war that occurred over the weekend, which are expected to have a significant impact on markets in the upcoming week.
goTop
quote