Render token becomes the top gainer amid very bullish sentiment

Render token (RNDR) tops the 24-hour gainers’ chart as the total crypto market cap shows signs of relief after touching its local bottom over the last week.

The global crypto market capitalization has been uncertain over the past month. It dropped to a local low of $1.09 trillion on May 12. According to data provided by CoinMarketCap (CMC), three days later, however, the number reached close to the $1.15 trillion mark, showing a roughly $60 billion recovery.

Moreover, the crypto market capitalization is over $1.13 trillion when writing. As the global market recovery comes, render token sits at the top gainers’ chart. 

RNDR is up by 21.5% in the past 24 hours, trading at $2.36 when writing. The asset’s 24-hour volume has reached the $280 million mark, suggesting a 115% hike. Per the data, most render token’s trading activity — over $277.5 million — comes from centralized exchanges (CEXs).

As RNDR’s price rises, on-chain metrics provided by InvestorsObserver suggest a “very bullish” sentiment — measured on a five-day average — with a “medium risk rank.” Data shows that long-term holders might try to buy the dip as the global market sentiment could show a possibility of an early bull run.

According to InvestorsObserver, the render token’s price has broken the resistance line of $2.04 with the strong support of around $1.83.