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The price of Bitcoin is currently fighting to avoid losing $35,500 and experiencing high volatility. A few months ago, when the price was constantly moving sideways, it was causing a lot of frustration for investors. Now, the sudden upward and downward movements are causing panicked investors to suffer even greater financial losses. On the other hand, there have been some altcoins that have shown positive divergence today.
Render (RNDR) Coin
While BTC continues to start the day with a 5% loss, the price of RNDR Coin maintains its 11% increase. The price is still above $3. Render (RNDR) will be listed on the Binance Japan exchange on November 27, which has led to an increase of over 30%. The steps taken by Hong Kong have made Asian investors more optimistic about cryptocurrency.
The Asian region is more advanced in terms of regulations, which increases confidence among investors and boosts appetite in the region. Moreover, the listings on the local exchanges in the region, driven by this confidence, lead to positive divergence in the relevant altcoins.
RNDR Coin, reaching its highest level in 19 months today, has seen a 111% growth in 24-hour trading volume. The excessive demand comes from investors who have bought into the assumption that the altcoin will rise with the listing on November 27. However, caution should be exercised as cases of “buy the rumor, sell the news” are common in the crypto market.
RNDR Coin Price Analysis
The ongoing increase in price is not only related to the listing news and excessive demand. The RNP-007 proposal is on the community’s agenda, introducing FEMDL Innovation, which aims to develop large language models and other productive artificial intelligence applications for monetization.
Innovations in protocols bring natural demand to altcoins, and RNDR can continue to benefit from the global AI enthusiasm, especially as it is associated with artificial intelligence. However, these types of innovations are crucial to maximize their impact on the price.
As for the price, closings above $3.3 could accelerate the rally. However, the decline in BTC price suggests that the top may have been marked today in the short term. If profit-taking begins, we may see support levels at $2.55 to $2.26 on closings below $2.74.
