Render (RNDR) has seen an impressive 29% surge in just seven days, catching the attention of both retail and institutional investors. At press time, RNDR is trading at $8.73, marking a 3% gain in the last 24 hours. This impressive performance has positioned Render as one of the top performers among AI and Big Data coins, according to CoinMarketCap.

Whale Activity and Surge in Large Transactions

One of the most striking aspects of Render’s recent price movement is the surge in large transactions. According to data from IntoTheBlock, transactions exceeding $100,000 have surged by more than 400% over a two-day period, rising from 164,000 RNDR to 852,000 RNDR. This surge in whale activity is a notable indicator that large addresses are becoming more active, which often signals heightened market volatility.

Render’s supply is heavily concentrated, with whales controlling around 76% of its total supply. Therefore, any significant movement from these large addresses can have an outsized impact on price action. When whales start buying, it typically contributes to price increases, creating momentum that could drive the price even higher.

Bullish Momentum Confirmed by Buying Pressure

Render’s recent price gains also coincide with a surge in buying pressure, as evidenced by the Chaikin Money Flow (CMF) on its daily chart. The CMF recently flipped into the positive territory, marking the highest level of buying activity in nearly three weeks. This resurgence in buying pressure suggests that traders are increasingly optimistic about Render’s short-term prospects.

Additionally, RNDR recently flipped resistance at the 50-day Simple Moving Average (SMA) at $8.22, signaling a bullish reversal. If this trend continues, Render could target the 2.618 Fibonacci extension level at $13.77. Traders should, however, watch for support at the 150-day SMA ($6.31), as a drop below this level could invalidate the bullish momentum.

Rising MVRV Ratio Indicates Early Stages of a Bull Market

Render’s Market Value to Realized Value (MVRV) ratio has also surged to its highest point in three weeks. The MVRV ratio is a critical metric that compares the market price of an asset to the average price at which it was last moved. A rising MVRV ratio suggests increased profitability for holders, which typically fuels positive market momentum.

Currently, Render’s MVRV stands at 1.48, indicating that the cryptocurrency is still in the early stages of a bull market cycle. Despite the recent 29% price gain over the past week, the MVRV ratio is still below its monthly high, signaling that Render may not be overvalued just yet. This suggests that there is still room for further growth, making RNDR a potentially strong candidate for continued bullish action.

Render’s Open Interest Surge Indicates Strong Market Sentiment

Render’s Open Interest (OI), a metric that reflects the total value of outstanding contracts in the derivatives market, has also seen significant growth in recent weeks. At press time, RNDR’s OI stands at $161 million, marking its highest level in nearly one month. This rise in OI, combined with the ongoing price increase, suggests that traders are maintaining a strong bullish outlook on Render.

A surge in Open Interest typically indicates that traders are opening new positions, expecting more volatile price movements. In the case of Render, this indicates that market participants are confident that the price will continue to rise, and they are willing to bet on its future upside potential.

Is Render Entering a New Bull Cycle?

Given the recent price surge, increased whale activity, and rising MVRV ratio, it appears that Render could be entering a new bull market cycle. The surge in large transactions and bullish technical indicators like the Chaikin Money Flow and the 50-day SMA breakout further support this thesis. As long as Render continues to hold above key support levels and large addresses remain active, the uptrend could continue into the coming weeks.

Conclusion

Render’s impressive 29% gain in the past week, coupled with growing whale activity, suggests that RNDR is in the early stages of a bull market. With increased buying pressure, a rising MVRV ratio, and a surge in Open Interest, there are strong indications that the cryptocurrency has room to grow further in the short and medium term.

While the current momentum looks promising, traders should remain cautious and watch key levels of support and resistance. If RNDR continues to trade above its moving averages and whales remain active, the price could rise even higher, potentially targeting the $13.77 level in the near future.