The native token of the Render Network, known as RNDR, has experienced a significant uptick in value over the past week following a dip to $7. Currently, RNDR has surged by 9% in the last 24 hours and is trading at $10.02 as of now. The token briefly hit a peak of $10.14 around 06:00 UTC. With a market cap of $3.87 billion, RNDR stands as the 27th largest cryptocurrency in the market.
On May 6, RNDR’s price, RSI, daily active addresses, and on-chain transaction volume all showed positive signs. It is worth noting that RNDR reached an all-time high of $13.60 with a market cap exceeding $5 billion on March 17. Additionally, the daily trading volume of RNDR saw a 13% increase, reaching $342 million.
Data from Santiment indicates that the number of daily active addresses for RNDR has risen from 1,414 to 1,601 unique wallets in the past day. Despite the surge in price, the daily on-chain transaction volume in profit for RNDR has been on a decline since May 2, dropping from 12.2 million to 2.92 million transactions per day. This suggests that the recent increase in transaction volume for Render is due to assets being moved at a loss.
Moreover, the RNDR Relative Strength Index (RSI) has seen a slight increase from 51 to 58 over the past 24 hours, indicating that Render is slightly overbought at its current price but still in favorable conditions. A lower RSI below 50 could potentially mean reduced price volatility for RNDR.
As the overall market sentiment turns bullish, the RNDR daily active addresses divergence has surged to 625%, according to Santiment. This suggests a strong “buy signal” for RNDR as the recent price surge is driven by small investors accumulating the token, rather than large holders.