Render (RNDR) has been one of the altcoins that has gained attention after Bitcoin (BTC) hit $35,000. As of the time of writing, RNDR’s price has increased by 64% in the past 30 days and is priced at $2.48.

On-chain analytics platform Santiment was able to identify the reasons for Render’s exponential growth during the aforementioned period. According to Santiment, RNDR was a beneficiary of increased network growth, activity, and whale interactions. Due to these activities, the token’s social dominance reached its highest point during the same time frame.

More expectations for RNDR price

Generally, a combination of these indicators listed above indicates that a project is receiving increasing attention and adoption from the market. Additionally, the impact on price action is generally positive, which is what RNDR shows.

Despite the sharp price increase, RNDR is likely to rise again in November. One of the reasons is the rationale behind the project. For context, RNDR serves as a utility token for Render, which focuses on allocating idle computing power from graphics processing unit (GPU) providers for rendering.

Therefore, RNDR is categorized as an Artificial Intelligence (AI) related token since GPUs are the basis of deep learning models. There will be a lot of AI related conferences starting in November. Therefore, there is a chance that cryptocurrencies like RNDR will build on this narrative and perform well this month.

A low before another high

The RNDR/USD 4-hour chart shows that the token is going through a period of correction. This trend is expected considering that there was almost no profit taking during the growth from $2.10 to $2.59.

However, the relative strength index (RSI) has fallen to 5.06 at press time. The reading reached as high as 97.60 on October 29, and the decline suggests that RNDR is beginning to become oversold.

By default, an RSI value over 80 means that the asset is overbought. Conversely, a value below 20 means oversold. Moreover, a bearish RNDR trend is a buy signal that could change the price direction.

If buying pressure increases at the $2.44 support level, RNDR could see new highs. Considering the market momentum, the coin has the potential to break above $2.70 while approaching $3.00.

RNDR/USD 4-hour chart (Source: TradingView)

Another indicator that supports the bullish thesis is the Directional Movement Index (DMI). As shown above, the +DMI (green) is 27.43. On the other hand, the -DMI (red) is 12.47. The difference in these indicators confirms that selling is less powerful than buying.

Therefore, RNDR may soon start to move upwards. This bias is also supported by the Average Directional Index (ADX). The ADX (yellow) is 57.24, indicating that RNDR will sooner or later develop a strong upward trend.