Render has rallied more than 24% over the past week as rising on-chain activity supported by renewed demand for artificial intelligence-linked crypto projects pushed the token back above key resistance levels.

According to CoinGecko data, Render (RENDER) climbed to $2.25 on May 26 after gaining over 13% in the past 24 hours.

The token traded between $1.99 and $2.26 during the session, while daily trading volume reached $219.4 million.

According to blockchain analytics firm Santiment, Render’s daily active addresses climbed to 394 in a single day, while 118 new wallets were created across the network, with both metrics reaching their highest levels in 12 weeks.

Santiment said Render’s on-chain activity “has seen a major breakout in late May,” while the token also reclaimed the $2.25 level for the first time in more than four months.

Higher wallet activity usually shows that more users participated in the network during the rally, while rising wallet creation can suggest fresh capital entering the ecosystem.

RENDER's latest price rally has also benefited as traders continued moving into AI-linked crypto assets after Nvidia reported stronger-than-expected quarterly earnings earlier this month.

Render has remained closely tied to the artificial intelligence infrastructure theme because the network provides decentralized GPU computing power for rendering, machine learning, and AI-related workloads.

According to Santiment, the project continues benefiting from demand tied to AI training and distributed computing infrastructure.

Across derivatives markets, traders have also increased exposure to Render during the latest move.

According to CoinGlass data, derivatives trading volume rose 126.52% to $302.4 million, while open interest climbed 47.27% to $112.8 million.

RENDER open interest. Source: Coinglass.

Higher open interest alongside rising price action usually means more futures positions have entered the market. 

Meanwhile, on the 4-hour chart, Render has moved above all major exponential moving averages after breaking out from the $1.75 to $1.85 accumulation zone. 

RENDER/USDT 4-hour price chart. Source: TradingView.

The 20 EMA stood near $2.06, while the 50 EMA remained around $1.97. The 100 EMA and 200 EMA sat near $1.92 and $1.89, at the time of writing.

Price also moved beyond the 1.0 Fibonacci extension near $2.13 and approached the 1.618 extension around $2.36. That area now stands as the next major resistance zone on the current structure.

Volume also expanded heavily during the breakout candles, while successive higher highs on the 4-hour timeframe kept short-term momentum intact. 

If buyers maintain control above the $2.13 breakout region, the chart leaves room for a push toward the $2.35 to $2.40 range.

A move beyond that level could place the psychological $2.50 area back into focus.

Failure to hold above $2.13, could send the token back toward the $2.05 to $2.00 region, where the 20 EMA and previous breakout levels now sit.

Despite the latest rally, Render was still trading well below its all-time high of $13.53 recorded on Mar. 17, 2024.

The post Render price eyes $2.50 after breakout above major EMA levels appeared first on Invezz

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