In the latest financial developments within the crypto market, Render’s (RNDR) price soared to unprecedented levels, achieving a record peak within the past day. This notable price action has sparked discussions on whether the digital currency can maintain its bullish trajectory or if a downturn is imminent.
Factors Influencing RNDR’s Surge
Render’s cryptocurrency showed stability above the $10 mark recently, yet a 27% increase over 24 hours propelled the price to $13.83. This surge spotlighted RNDR as a potential profit generator for investors. Notably, a significant decrease in the average coin age of Render tokens, an on-chain metric, has been observed – one that stands out in altcoin history for its magnitude. The average coin age metric is central to understanding network activity and the tendency of investors to hold on to their assets.
Market Movements and Price Outlook
The reduced inclination to hold Render tokens, as suggested by the decreased average coin age, implies that investors might be preparing to sell. Whale activity supports this trend, with large holders transferring approximately 2 million RNDR, valued over $25 million, away from their wallets in the past nine days. Currently, RNDR is slightly retracting from its high, trading at $12.92.
The market shows potential for RNDR to experience a further slump, perhaps down to $11.50, which would represent an 11% correction, potentially pushing prices as low as $10. Nevertheless, the $11.50 support coincides with the 50-day exponential moving average, a level that might offer technical support and fuel a recovery for the cryptocurrency.