Despite a major RNDR whale selling off $3.46 million worth of tokens on February 15th, the price has continued trending up over 12% the past 24 hours.
This unusual resilience shows the strength of RNDR’s fundamentals. Meanwhile, Rebel Satoshi, a new meme coin embarking on an initial coin offering (ICO), continues gaining decent traction from investors seeking exposure to innovative tokenomics and an anti-centralization ethos.
Render (RNDR) Price Pumps Despite Whales Taking Profits
Render price is up 12% today, with the coin trading around $5.6 at press time. Its market cap sits at around $2.1 billion, making RNDR one of the day’s top performing major altcoins amid broader crypto market fluctuations.
What makes this rally interesting is that just 20 hours ago, leading on-chain analytics platform Spot On Chain reported significant profit-taking from a RNDR whale.
Specifically, Spot On Chain notified:
“Whale 0xbc6 deposited 699,568 RDNR ($3.46M) to Coinbase at $4.95 in the past 5 minutes. The whale withdrew those RDNR tokens from Coinbase and Kucoin from February 10 – November 3, 2023 with an average price of $1.5 (estimated cost: $1.05M). If truly selling now, the whale will get $2.41M (229.4%) as profit. The whale no longer holds any RDNR.”
Based on this, a major RNDR whale cashed out of a $2.4 million position. Typically, such large-scale dumps foreshadow declines as selling pressure overwhelms buy orders on exchanges.
However, RNDR has reacted positively, gaining steam since the whale sold out. This demonstrates the current strength of RNDR investor conviction and spotlights its market leader position in decentralized render services.
RNDR Price Analysis
Zooming into the price action, RNDR has trended in a clear uptrend within two ascending channels since late October, as seen with the parallel blue lines on the chart below.
If RNDR continues respecting the current bull flag formation, we could see the price breach the next resistance zone around the $6 mark by end of February.
As long as RNDR maintains the key support at $5, the momentum remains bullish for a retest of overhead resistance.
Adding to the bull case, the 200-day moving average currently sits way back at $2.856. For context, the 200-day moving average line reflects the average closing price of RNDR over the preceding 200 days. It is a widely followed indicator in technical analysis for assessing the overall long-term trend.
The fact that the current price is hovering nearly 100% above the 200-day MA indicates the strong uptrend in place the past half year. As long as the 200-day moving average continues rising and RNDR price trades above it, the long-term bullish momentum has credibility. In addition, the 200-day MA near $2.80 should provide an important floor on any potential (larger) pullbacks in the coming weeks.
It’s also worth noting the daily relative strength index (RSI) now reads 76. An RSI above 70 typically indicates overbought conditions. However, RNDR has continued trending up despite entering overbought territory since early February, highlighting relentless buying pressure.
Finally, the Moving Average Convergence Divergence (MACD) shows a steady rise in the histogram over the past few weeks. This indicates growing bullish momentum with buyers remaining in control.
What is Render Network (RNDR)?
For those unfamiliar, Render Network represents a decentralized marketplace for 3D graphics rendering services. Unlike RNDR utility tokens used for payments on the network, RNDR crypto can be traded on exchanges and earned by Node Operators for completing render jobs.
The core innovation of Render Network involves connecting individuals and companies seeking to perform graphics-intensive render jobs with people who have spare GPU computing capacity to process the rendering orders. This facilitates a distributed, serverless rendering ecosystem outside of centralized cloud services.
Rebel Satoshi Meme Coin Gaining Traction
Due to its mission of fighting centralization and empowering online communities, Rebel Satoshi, a new meme coin project embodying Satoshi Nakamoto’s and Guy Fawkes’ rebellious ethos, has attracted decent attention. This surge of interest has helped Rebel Satoshi gain $2 million in presale funding after its first five rounds sold out in just three months.
Tapping into the rebellious spirit permeating the crypto industry, Rebel Satoshi ($RBLZ) offers a combo of features including a multiplayer play-to-earn game, NFT collectibles, staking rewards, and more.
With Rebel Satoshi, the total supply of tokens is fixed at 250 million, in contrast to most meme coins that have an unlimited supply. This design decision helps mitigate inflationary dilution. A built-in burning mechanism also decreases circulating supply over time.
Beyond speculation, Rebel Satoshi aims to build real utility by allowing RBLZ investors access to a staking program, NFT marketplace, and a play-to-earn game. The project’s whitepaper details plans for 9,999 unique NFT collectibles housed in the Rebel Vault. Over 70% of the tokens allocated for the current presale stage have already been claimed by eager investors.
At the time of writing, 1 RBLZ = 0.024 USDT, while the listing price is set at 0.025 USDT.
Conclusion
In crypto, prices often plunge in the short-term after whales cash out substantial positions. However, Render Network’s RNDR token has continued rallying after a whale selling $3.46 million worth of coins on February 15th. This unusual price resilience highlights why RNDR stands out as a market leader in decentralized rendering services.With the current bull run still intact, RNDR looks positioned to test the next resistance level around $6 in the coming weeks if the uptrend persists.
Meanwhile, the early traction for Rebel Satoshi’s meme coin ICO underscores the appetite among investors for projects marrying innovative tokenomics with a mission of community empowerment and anti-centralization.
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