See More

Here’s Why the Render (RNDR) Price Could Fall by 11% After Hitting an All-Time High

3 mins
Updated by Ryan Boltman
Join our Trading Community on Telegram

In Brief

  • Render price marked a fresh all-time high for the third time this month after rallying by 27%
  • The uptrend may reverse as investors’ intention to book profits is rapidly strengthening.
  • Whales, occupying 50% of all RNDR supply, have already offloaded $25 million worth of tokens in nine days.
  • promo

Render (RNDR) price is at the peak of its bull run, marking a fresh all-time high over the past 24 hours. At a fundamental level, this is a bullish revival incident.

However, in the case of RNDR, this ATH might become a bearish reversal event. Will Render be able to withstand its bullish price momentum?

Render Price Rise Might Induce Heavy Selling

The Render price has been holding above the $10 mark for the past week, but this changed as the crypto asset rose by 27% and hit $13.83 in the last 24 hours. Not surprisingly, this unexpected rally resulted in the gains noted by RNDR holders surging.

Consequently, the investors are now looking to move their holdings out of their wallets and into exchanges. Profit-taking is likely to increase down the line as two major factors point in that direction exactly.

Firstly, the Mean Coin Age (MCA) of Render tokens has declined severely. This is the largest deviation noted by the on-chain metric in the altcoin’s history.

Render Mean Coin Age Chart
Render Mean Coin Age. Source: Santiment

Mean coin age refers to the average age of all coins in circulation within a cryptocurrency network. It is calculated by dividing the total coin days by the total supply. This metric helps gauge the activity level and hodling behavior within the network.

A dip in MCA hints at investors shifting from hodling and moving their assets around. Considering a deviation like that of RNDR, investors are more than likely to sell their holdings.

The whales (non-exchange addresses) are already practicing this, given their recent move to minimize their assets. Nearly 2 million RNDR worth over $25 million have been reduced from their wallets in the last nine days.

Render Whale Holdings
Render Whale Holdings. Source: Santiment

This is significant since whale addresses dominate 50% of all RNDR supply, making their move impactful on the price.

RNDR Price Prediction: $10 Might Make a Comeback

Render price, trading at $12.92 at the time of writing, is slightly below the all-time high. However, market conditions suggest that RNDR might decline further. The altcoin has a high chance of falling to $11.50, which extends the 11% corrections and sends the crypto asset to $10.

RNDR/USDT 1-day chart
RNDR/USDT 1-day chart. Source: TradingView

However, the $11.50 support is in confluence with the 50-day Exponential Moving Average. This level forms a technical support floor, enabling RNDR to bounce back.

A recovery above $12 would thus invalidate the bearish thesis, bringing the Render price closer to an all-time high.

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Frame-2t314.png
Aaryamann Shrivastava
Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...
READ FULL BIO
Sponsored
Sponsored