2024-3-8 19:00 |
Render price has joined the league of the crypto assets that have managed to chart new all-time highs in this bull run. Naturally, retail investors attempt to book profits and tap out before it is too late.
But traders are holding back, anticipating further bullish momentum. However, this may not happen soon because the altcoin faces threats from these whales.
Render Price Rise Brings Immense ProfitsRender price has shot up by 35% in the span of a day, and in doing so, the altcoin marked a new all-time high. Even at the time of writing, the daily chart notes a green candlestick reaching the high of $10.30 during the day.
The rise also brought profits to all the RNDR holders, with 100% of the circulating supply sitting in profits. Naturally, investors jumped to book profits before corrections arrived. This sentiment can be seen in the incline observed in the supply of RNDR on all exchanges.
In less than 36 hours, about 4 million RNDR tokens worth nearly $40 million entered exchange wallets. This suggests their intentions to secure profits at their highest.
RNDR Supply on Exchanges | Source: SantimentHowever, whales still hold on to their RNDR, awaiting a daily candlestick close above the $10 mark. Since this price point is a crucial psychological level, it will likely induce profit booking among whales once it crosses and holds above that level.
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In the past, too, every time the Render price hit a new high or engaged in a bull run, the whale addresses, holding between 10,000 to 1 million RNDR tokens, sold their holdings.
RNDR Whale Holdings | Source: SantimentWhen this happens, the cryptocurrency will note an imbalance in the supply and demand and consequentially see a price correction.
RNDR Price Prediction: The Sky Is the Limit if $10 Resistance FlipsConsidering investors’ behavior, selling seems imminent and unavoidable once the $10 level is breached. The fall that comes afterward will likely drag Render’s price down to $8, which currently marks the most recent resistance that flipped support for the crypto asset.
RNDR/USDT 1-day chart | Source: TradingViewOn the other hand, if whales refrain from selling their holdings even after the aforementioned barrier is crossed, RNDR might have a shot at further increase. As is, the investors’ participation is at its all-time high, too, with active addresses reaching 3,517 at the time of writing.
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RNDR active addresses | Source: SantimentCombined resilience and increased investor participation would likely help the altcoin sustain this rally and continue its uptrend. This would invalidate the bearish thesis and open up RNDR to pushing for a new all-time high once again.
The post Render (RNDR) Price Hits All-Time High – Here’s Why It May Struggle to Hold Above $10 appeared first on BeInCrypto.
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