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

Analysis3mos agoUpdate 6086cf...
80 0

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.

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.

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

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

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

This article is sourced from the internet: Here’s Why the Render (RNDR) Price Could Fall by 11% After Hitting an All-Time High

Related: 3 Altcoins That Can Reach New All-Time Highs in March

In Brief Ocean Protocol (OCEAN) broke out from a long-term descending resistance trend line. It could be in wave three of a five-wave increase. Aptos (APT) has reached a confluence of Fib and horizontal resistance levels. A breakout above the can take it to a new all-time high. iExec RLC (RLC) broke out from a long-term ascending parallel channel. It has reached the final resistance area before an all-time high. These altcoins have bullish-looking formations and could reach new all-time highs in March. February was extremely bullish for the cryptocurrency market. New highs were seen across the board in Bitcoin (BTC) and several altcoins. BeInCrypto looks at the top altcoins for March that could hit new all-time highs. Ocean Protocol (OCEAN) Begins Ascent Towards All-Time High OCEAN’s price has increased…


© Copyright Notice

Related articles

No comments

You must be logged in to leave a comment!
Login immediately
No comments...