Render Token News
Render Token (RNDR) Rallies Double Digits In the Last 24 Hours As Market Bounces to Contain Losses
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The digital assets space has finally taken a break from a continued sell-off, resulting in a more than $200 billion wipeout of the sector's total market capital over the last three days. The US Bureau of Labor Statistics released its CPI data for October on Thursday, which suggested that inflation is moderating. The news calmed market participants, most of whom had reacted in panic to contagion fears from the FTX exchange and its affiliated entities.
Inflation ‘cooling' sentiment absorbs market fears, prices bounce upwards
Bitcoin has recuperated nicely – up 11.57% in the last 24 hours, ruling out an immediate test of levels below $15,000. Ethereum has also brushed off part of the losses, tracing a steady uptrend course in the process. The leading smart contracts project is set to challenge resistance above $1,300 before Thursday's close. The renewed enthusiasm is also evident in the rest of the market.
The latest market-wide repose has helped settle chaos, bringing relief for steadfast holders. Coinglass data shows that $679.825 million worth of long orders were liquidated on Tuesday and another $396.667 million volume on Wednesday. Indeed, market activity over the last three weeks has epitomized the sector's volatility, with similar massive liquidations (the majority being short orders) also observed in the industry between Oct. 25 and 26.
The broader market welcomes a halt in falling prices
Temperatures have gone from hot to warm in the past couple of hours, creating a bearable and actionable setup for traders as the market reels from the midweek meltdown. In the Bitcoin market, the race to decide the outcome of the upcoming weekly options expiry is on. The latest options data suggests that bears have the upper hand in their bid to see profits on their bets, despite bulls getting a boost from the macro side earlier. The prospects of a potential climb to retake higher ground ahead of the weekend on the back of this positive mood have motivated many to jump back into the market.
The overall state of the market, however, remains to be a stumbling block to recovering prices for those looking to exploit the dip. The drama around FTX, the pressing concern, has only been eased at the moment but is yet to be solved. The exchange's US entity, FTX.US, shared in a Thursday update that it might suspend trading activity on its platform. Though it assured that withdrawals would remain open, the exchange team advised affected users to close their active positions
Render (RNDR) among the top gainers to keep an eye
Meanwhile, some altcoin have weathered the slump and are trading healthy in the green. Maker (MKR), Polygon (MATIC), Band Protocol (BAND) and Render (RNDR) tokens have stood out, all registering overwhelming gains on the day. The latter has surged 30% in the last 24 hours and is on course to reclaim the $1.00 mark.
RNDR/USD trading chart. Source: TradingView
Success in this bid and consolidation above the psychological level will help turn the tides and fortunes for holders. The medium- and long-term outlooks for RNDR remain optimistic as the token is yet to slide out of its six-month consolidation zone. Notable among positive developments at the micro level, the Render Network native token got listed on the Revolut platform earlier this month alongside a dozen others.
“This year we have […] increased the number of cryptocurrencies available in the Revolut app to close to 100 tokens. Now, we are making crypto even more mainstream, by empowering people to use crypto-enabled cards to spend their tokens for everyday purchases,” the neobank's crypto general manager Emil Urmanshin said in a Nov. 1 statement.
To learn more, visit our Investing in Render Token guide.
FTX near-fall alarms White House
Events that have unfolded recently have prompted the Biden administration to take an interest in the sector to prevent investor harm. Latest reports confirm that the White House and other financial authorities have been paying attention to the market. Though unlikely at present, any potential action will be through an independent regulator.
