Render (RENDER) surged to a three-week high of $1.92, marking an 11% daily gain. Derivatives data from CoinGlass shows a 21% rise in Open Interest to $60 million, with a long/short ratio of 1.28 indicating bullish sentiment. However, a shift to positive spot netflow suggests profit-taking is increasing, which could pressure recent gains if it accelerates.
Render continued its bullish streak, breaking out of a recent downtrend to summit a three-week high of $1.92. The altcoin traded at $1.91, up 11.23% on the daily charts while its volume rose 48% to $81.5 million.
While the broader market suffered from reduced liquidity, RENDER showed solid strength consistent with active participation. On the derivatives side, CoinGlass data showed Open Interest rose 21% to $60 million and derivatives volume climbed 35% to $128 million.
Over $9 million flowed into futures positions in an eight-hour period as of April 3. Meanwhile, the altcoin’s Long/Short Ratio rose to 1.28, signaling higher demand for long positions.
Longs accounted for 56% of total futures positions, while shorts accounted for 43%. When longs dominate, it suggests that most participants were bullish and aggressively positioned for more gains.
With RENDER reaching a three-week high, holders rushed to cash out. Spot Netflow turned positive to $460k, a significant reversal from -$507 the previous day.
A positive netflow implied that the market saw more sellers than buyers. Such a shift in market behavior has historically weakened the market and led to pullbacks.
RENDER recorded sustained week-long bullish momentum since holding the $1.6 support level. Its Relative Strength Index rose to 64, signaling strong upside momentum and buyer control.
The positive index of the Directional Movement Index climbed to 27 while the negative index fell to 11. The rise in these two momentum indicators indicated strong upside momentum and confirmed the trend’s strength.
The two signals indicate a potential continuation of the market demand trend. While profit takers remain active, their positioning is still not strong enough.
If prevailing market conditions hold, RENDER could flip its immediate resistance at $2. If profit-taking accelerates and overwhelms demand, the altcoin could retrace to $1.6.
