RENDER Roars 11% to Three-Week High as Bulls Show Off — But Paper Hands Have Entered the Chat

Render [RENDER] continued its bullish streak, breaking out of the recent downtrend and summiting a three-week high of $1.92. As of this writing, RENDER traded at $1.91, up 11.23% on the daily charts, adding to its 6% weekly gains. Apparently, the bulls finally remembered they had muscles and decided to use them.

Over the same period, the altcoin's volume rose 48% to $81.5 million, reflecting increased market participation. While the broader market continued to suffer from reduced liquidity, RENDER has shown solid strength, consistent with active market participation. Meanwhile, everywhere else looked like a ghost town during a weekday afternoon.

On the derivatives side, RENDER has experienced sustained demand for futures positions. CoinGlass data showed that altcoin Open Interest rose 21% to $60 million, while derivatives volume climbed 35% to $128 million. Such a jump in OI and volume showed increased futures market participation and steady capital inflows. Leverage degens clearly decided RENDER was the flavor of the week.

In fact, over $9 million flowed into futures positions over the past eight hours as of April 3rd. Meanwhile, the altcoin's Long/Short Ratio rose to 1.28, signaling higher demand for long positions. As such, longs accounted for 56%, while shorts accounted for 43% of total futures positions. When longs dominate, it suggests most participants were bullish and aggressively positioned for more gains. Shorts are currently sitting in their feelings.

With RENDER reaching a three-week high, holders who had been underwater rushed to cash out. Looking at exchange activity, Spot Netflow turned positive after being negative for two consecutive days. At press time, Netflow was $460k, a significant reversal from -$507 the previous day. The "hold forever" crowd has apparently reconsidered their life choices.

A positive netflow implies the market saw more sellers than buyers. Such a shift in market behavior has historically weakened the market and led to pullbacks. Thus, extended profit realization could threaten recent gains and cause another slip. Nothing says "bull market" like everyone selling into strength at the exact same time.

RENDER has recorded sustained week-long bullish momentum since holding the $1.6 support level. Buyers continually stepped in and defended higher price levels. The altcoin's Relative Strength Index (