Introducing a Unique Version:
Title: Render (RNDR) Price Surges as Whales Take a Back Seat
Render (RNDR), the token powering the decentralized GPU network, has gained significant momentum in the past 24 hours. What sets this surge apart is the absence of whale investors exerting their influence on the market.
However, while whales remain on the sidelines, on-chain analysis reveals that other token holders are taking matters into their own hands, driving the impressive growth.
Retail Investors Seize the Opportunity
First, it is essential to clarify who exactly the whales are. Whales are large holders of cryptocurrencies whose massive holdings often have a significant impact on price movements.
According to data from IntoTheBlock, RNDR whales have been reducing their holdings of the token. The blockchain analytics platform shows that addresses with holdings ranging from 1 million to 100 million RNDR have decreased their balances in the past seven days.
However, a fresh wave of buying pressure is sweeping in, this time from retail investors. As evidenced by the chart below, addresses with holdings between 100,000 and 1 million RNDR tokens have increased their balances by an impressive 14.54%.
Read more: The Top 5 Platforms to Buy Render Token (RNDR) in 2024
Notably, even the lower tier of token holders, those with holdings of 1 to 10 tokens, have boosted their balances by approximately 10.79%. This growing support from retail investors could signal a bullish future for RNDR.
Increased Network Activity on Render
Besides the distribution and accumulation discussed above, the rising activity on the Render network adds weight to the positive outlook. Over the past week, the number of active addresses has surged by 13.37%.
Active addresses represent unique users engaging in successful transactions on the blockchain. A higher proportion of active users typically suggests potential short-term growth for RNDR.
Another encouraging sign is the uptick in new and zero-balance addresses. New addresses provide insights into a project’s growth, with an increase indicating first-time participants on the network.
However, a decrease in new addresses signifies a lack of fresh entrants and a loss of traction. For RNDR, there has been a 3.47% increase in new addresses and an impressive 6.75% increase in zero-balance addresses over the past week. This uptrend signals a skyrocketing adoption rate, which could drive further price appreciation for the token.
RNDR Price Prediction: Can the Rally Surpass $9.20?
At present, RNDR is trading at $7.76, marking an 8.13% surge over the past 24 hours. Despite this price increase, the Market Value to Realized Value (MVRV) Ratio suggests that many holders currently face unrealized losses.
The MVRV Ratio measures the average profit or loss of addresses that acquired RNDR tokens. This metric helps determine whether the token is currently in a favorable accumulation zone or at risk of a significant correction.
When the ratio drops below 0%, it implies that the cryptocurrency has entered an accumulation phase. Conversely, an extremely high ratio suggests that the price might experience a substantial correction in the near future.
According to Santiment, RNDR’s 30-day MVRV Ratio stands at -20.57%, indicating that the token is situated in a potentially rally-inducing zone. The last time RNDR approached a similar region, the price surged from $7.64 to $9.28.
Read more: Exploring DePIN: Decentralized Physical Infrastructure Networks
Currently, RNDR seems to be following a parallel pattern. If the ongoing upward trend persists, the token’s price may reach $8.37 in the short term. In an extremely bullish market environment, the price could surge as high as $9.25.
However, this breakout attempt could be invalidated if whales resume heavy distribution. Additionally, declining buy orders from other address holders could worsen the situation for RNDR. In such a scenario, the token’s next target might be a drop to $6.95.