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Render (RNDR) reaches the $10 mark, buy signal emerges

render-rndr-reaches-the-10-mark-buy-signal-emerges
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Render (RNDR) reaches the $10 mark, buy signal emerges

The native token of the Render Network, RNDR, gained bullish momentum over the past week after touching a local bottom of $7.

RNDR is up by 9% in the past 24 hours and is trading at $10.02 at the time of writing. The asset briefly reached an intraday high of $10.14 at around 06:00 UTC. Render token’s market cap is currently hovering at $3.87 billion, making it the 27th-largest cryptocurrency.

Render (RNDR) reaches the $10 mark, buy signal emerges - 1
RNDR price, RSI, daily active addresses and on-chain transaction volume in profit – May 6 | Source: Santiment

It’s important to note that Render reached an all-time high of $13.60 with a market cap of over $5 billion on March 17.

Moreover, the native token of the GPU rendering network witnessed a 13% surge in its daily trading volume, reaching $342 million.

According to data provided by Santiment, the number of RNDR daily active addresses rose from 1,414 to 1,601 unique wallets over the past day. 

Despite the price surge, the amount of RNDR’s daily on-chain transaction volume in profit has been consistently declining since May 2 — plunging from 12.2 million to 2.92 million transactions per day. 

This movement shows that the current rise in the Render transaction volume has increased with holdings moving at loss. 

The RNDR Relative Strength Index (RSI) also recorded a minor increase from 51 to 58 over the past 24 hours, per the market intelligence platform. The indicator shows that Render is slightly overheated at this price point while still hovering in good conditions.

An RSI of lower than 50 could potentially mean lower price volatility for Render.

As the marketwide bullish sentiment grows, the RNDR daily active addresses divergence surged to 625%, according to Santiment. The indicator shows a strong “buy signal” for the Render token as the price surge was developed by small investors accumulating the asset rather than whales.