Investors Brace for Shapella, RNDR Shows Technical Strength
Investors are bracing for a week of critical economic data, including CPI and PPI data for March, which will be released on Wednesday and Thursday, respectively. Investor concerns about the possibility of another rate hike rose following Friday’s robust employment data. Nonfarm payrolls saw an increase of 236,000, close to the Dow Jones estimate of 238,000, while the unemployment rate dropped to 3.5%. In addition to economic data, major banks, including JPMorgan Chase, Wells Fargo, and Citigroup, are set to report their Q1 results on Friday, which should shed additional light on the current state of the economy. Heading into Monday afternoon, the NDQ and ^SPX 0.69% are trading lower by 0.9% and 0.6%, respectively, while the U.S. Dollar Index (DXY) is up 0.7%. Both the U.S. 2Y and U.S. 10Y yields have seen marginal increases. In the crypto market, BTC (+4.3%) has risen back above $29K, while ETH (+3.0%) remains just below $1.9K. The standout performer is the RNDR (+8.2%), the native token of the Render Network, a decentralized and distributed GPU rendering network. RNDR is rallying following the network’s community snapshot vote approving a migration to Solana (more on its technical strength from Mark below). Liquid staking tokens Lido DAO Token (LDO) and Rocket Pool Token (RPL) are trading higher in anticipation of Ethereum’s upcoming Shapella upgrade, currently scheduled to go live on Wednesday.
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