The Render token, rebranded as RENDER, has been struggling to maintain its price within a defined range since July. Despite the overall market trend showing an upward movement, RENDER has been facing decreased demand, leading to potential threats to its support levels. The token’s price has been moving within a horizontal channel, with resistance at $7.20 and support at $5.70, indicating a balance between buying and selling pressures. Recent data suggests an increase in selling pressure, which could potentially push the price below these support levels.
Market data has shown a significant decline in the number of daily active and new addresses for RENDER, with an 84% drop in unique addresses transacting with the token and a 77% decrease in new addresses created for altcoin transactions. This decline in market interest may be contributing to the negative sentiment surrounding the token’s price. Moreover, whale investors holding more than 0.1% of the asset have been cautious, with a 99% decrease in the net flow of tokens among these large holders, indicating a trend of offloading their holdings. This increased selling activity among major holders further adds to the downward pressure on RENDER’s price.
If the current selling pressure persists, RENDER’s price is likely to test its support level and potentially fall below it. Chart analyses suggest that the price could drop to around $5.66 if selling continues without a significant increase in buying activity. Conversely, if there is a resurgence in demand and accumulation, the token could rebound and target $7.45, surpassing its current resistance level. Investors need to closely monitor these price movements and indicators to make informed decisions about their RENDER investments.
Key takeaways for investors include monitoring the support level at $5.70 and resistance level at $7.20 for potential price movements. Watching for changes in the number of active and new addresses can serve as indicators of market interest, while paying attention to whale activity can provide insights into increased selling pressure. On-chain data sources like IntoTheBlock can offer real-time market insights that can guide investment decisions. If the downward trend continues, RENDER’s price may fall to $5.66, indicating bearish sentiment, while an increase in buying activity could drive the price up to $7.45, signaling a potential recovery. It is essential for investors to stay updated on these indicators to navigate the volatile market environment effectively.
