Render could recover if it sustains an extended move above key resistance

• Render is trying to break the $5.155 resistance level of a key rectangular channel.
• A successful move above this resistance could send Render towards the $6,097 level.
• A notable increase in 30-day MVRV could see Render witness high selling pressure.

The yield fell 2% on Wednesday as it tries to break the key resistance level of $5.155. This move could trigger a rally and cause a noticeable increase in average earnings for investors who bought it in the last 30 days.

Play attempts move above key resistance

The yield dipped below the $5.155 resistance level of a key rectangular channel on Wednesday after briefly moving above it earlier on Tuesday. In the past month, Render has supported several lateral moves within this channel.

As the AI ​​token looks to retest the $5.155 resistance, it is restricted by the 200-day simple moving average (SMA). An extended move above the 200-day SMA could turn the $5.155 resistance into a support and stage a rally towards the $6.097 level. Conversely, if it sees another rejection around $5.155, it could drop towards the $4.274 support level.

RENDER/USDT 4-hour chart

The Relative Strength Index (RSI) is at 52, just above the neutral level, indicating bullish momentum. The Stochastic Oscillator (Stoch) is below the neutral level at 47.

Render’s Futures Open Interest (OI) also rose from $30.22 million on September 8 to $39.08 million on Wednesday. Open interest is the total number of outstanding long and short contracts in a derivatives market. Rising OI indicates that investors are increasingly betting on Render’s price. If prices rise along with it, OI supports a bullish move.

RENDER Open interest

On the monthly time frame, Render is trading with a gain of 9%. However, the 60-day, 90-day, 180-day and 365-day market value to realized value (MVRV) shows that investors who bought Render in the last three months and above are holding their tokens at a loss average, meaning it’s less likely to sell at current prices.

MVRV indicates the average profits or losses of all addresses that purchased a token in a certain time frame.

RENDER MVRV for 30 days, 60 days, 90 days, 180 days, 365 days

Meanwhile, Render’s 30-day MVRV report indicates that investors who bought in the past month are only seeing an average gain of 2%. Therefore, this cohort of investors is less likely to cause any selling pressure at this time with such a thin profit margin. However, a move towards $6.097 could trigger massive profit-taking among this cohort and a subsequent price correction.

A daily candle close below $4.74 would invalidate the thesis.