Since crypto markets recovered following Fed rate cuts, AI-themed coins have made significant gains on price charts. With optimism and increased adoption, AI- coins are leading the market surge. Amidst this growth,In fact, as of this writing, Render was trading at $6.47. This marked a 24.87% increase on monthly charts with an extension to the bullish trend by a 14.08% increase over the past week.
Since hitting a monthly low of $4.45, the altcoin has maintained an upward momentum. Therefore, these market conditions strengthened Render to absorb liquidation pressure according to ChainStatsPro analysis.posited that Render is experiencing a healthy and strong market as the altcoin is absorbing liquidation while spot CVDs remain flat.What this simply means is that there’s no excessive buying or selling pressure which signals market indecision.
Further, the analyst pointed out that short sellers are uncertain implying they lack strong conviction in their positions. Therefore, short sellers are unsure about the potential downside and thus are not betting on prices to decline further. Based on this analogy, the market is strong enough to absorb liquidations without experiencing extreme volatility and short sellers are not certain of any further downside.While the metrics highlighted by ChainStatsPro offer a positive market outlook, it’s essential to determine what other fundamentals indicate.For starters, Render’s funding rate aggregated by exchange has remained positive over the past week.
If the prevailing market conditions are maintained, Render will break out from the $7.0 resistance level. A breakout from this level will strengthen the altcoin to challenge June highs of $10.5.Gladys is a passionate crypto-enthusiast and price analyst. With 3 years of experience in the blockchain space, she's well aware of the prevailing market trends. Gladys is uniquely committed to providing insightful and real-time content to the larger crypto-community.