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- Render’s on-chain metrics, such as increased holder count and community growth, indicate a healthy ecosystem.
- Derivative market analysis shows a strong bullish sentiment for the Render price.
As Q3 ends and Q4 approaches, Render (RENDER) price is gaining significant momentum. This Render price surge is driven by positive market sentiment, with Bitcoin rallying in September.
Major partnerships and numerous updates enhancing GPU rendering applications also boosted the optimism in Render crypto. A well-known crypto analyst even believes that RENDER might claim the $100 milestone soon. Will it? Let’s find out.
Why Do Analysts Look Bullish Toward the RENDER Price?
The Render Network is emerging as a key player in the tech space, particularly for creators, artists, and enterprises seeking scalable, high-performance rendering solutions.
The Render token price recently skyrocketed from its demand zone, climbing nearly 35% this week. It has effortlessly pierced through the 20-day and 50-day EMA bands on the daily chart.
With growing optimism, many are speculating about future price targets, fueling global bullish sentiment. One notable prediction came from crypto YouTuber D0c Crypto (@TheRealD0c). This analyst believes the Render price could reach $100 or beyond this year.
Keep on reading this Render price analysis to discover what lies ahead for this popular crypto asset. Check the latest developments that led to heightened optimism in Render.
What Factors Support Further Surge in RENDER Price?
Render Network’s rise as a key player in the tech industry has solidified its reputation as a key crypto asset. Optimism around Render crypto has surged for several reasons. It secured major partnerships this year with industry giants like Nvidia, Apple, Google, and Microsoft.
Those companies are leveraging Render’s decentralized network and enhancing Render’s position as an asset. The involvement of those prominent names has significantly boosted sentiment within the community. It could boost further Render price growth in the future.
Correspondingly, an update about the cloud storage release that came on September 5th, 2024, propelled Render token’s price from its demand zone at the start of September.
The integration with AWS S3 and Dropbox now allows artists and studios to seamlessly download files directly from the Render Network to cloud storage providers. That eliminates the hassle of extra downloads and uploads.
Additionally, On September 20th, Render announced a major update on its official X account. The update revealed that 60% of its circulating supply, valued at nearly $2 billion, has transitioned from Ethereum to Solana.
That made it the largest project on the Solana network. This significant move has further fueled the RENDER price surge, as reflected in its daily chart.
The On-chain Data Shows Optimism For Render Price
Over the past month, Render crypto has demonstrated an impressive holding pattern. In the last 30 days, the number of holders has grown exponentially. That number reached a total of 83,229, with 23 new holders added in the past 24 hours.
The community has also seen significant growth, now totaling 199,292 members, with 74 new subscribers joining in the past day on X.
Render’s X account, which is 7 years and 1 month old, is one of the oldest in the crypto space, enhancing its trust within the community. To date, the account has made 10,159 posts, including 3 new posts in the past day. Overall, Render’s on-chain activity appears healthy, positioning it as an optimistic asset.
The RENDER token boasts solid fundamentals that enhance its strength. Its impressive security score further boosts users’ trust, as it is less likely to be hacked or compromised by criminals. With an AA tier security grade and a score of 88.25 out of 100, it stands out as a robust and reliable asset.
Render Price Analysis in Derivatives Market Exhibits Heightened Sentiment
In the last 24 hours, derivatives volume has surged by 89.10%, reaching a total traded value of $191.68 million. This spike indicated a growing demand for Render crypto in the derivatives market.
Similarly, Render’s open interest climbed to $62.37 million, marking a 20.92% increase from the previous session. The 24-hour long/short ratio stood at 0.99, suggesting more short positions than long ones.
According to CoinGlass, Render’s OI-weighted funding rates rose to a positive 0.0083%, reflecting a shift toward market optimism. Traders were increasingly betting on the potential for Render’s price to rise.
$109.61K worth of short positions were opened, while $46.52K in long positions were liquidated intraday. This scenario pointed to a positive market outlook for the Render price.
These metrics underscored a strong bullish sentiment for Render at press time. They supported the recent intraday RENDER price surge. The increase in open contracts and higher short-side liquidations suggested that the Render token price could continue to rise in the near future.
Can Render Price Surpass $100 Mark?
Examining the weekly chart reveals that the Render price was far from the $100 target at the time of writing. So, it is unlikely for the token to reach that level soon, despite online claims. However, switching from this macro (1W) chart to the daily chart showed bullish developments, thanks to various factors like the Fed’s rate cut.
When writing, the Render crypto displayed a falling wedge formation after peaking in Q1 2024, followed by a significant drop to the support zone. With substantial improvements in Q3, the outlook appeared more optimistic.
Therefore, per the Render price prediction, if it manages to achieve a change of character (ChoCh) above $7.0, it could reignite long-term bullish confidence. That could drive the Render price towards targets of $8.0 and $10.0.
Conversely, failing to attain ChoCh could result in continued consolidation below the 200-day EMA band.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
