RNDR’s next few weeks are important, all dependent on how a certain level holds up.
- Render witnessed a 3038% surge in large transactions within 24 hours Active addresses increased by 9% – A sign of growing market participation
Render (RNDR) has seen a drastic surge in large transactions, up by an astonishing 3038% over the past 24 hours. The surge is a sign of a significant surge in trading activity and an increase in investor interest in the asset.
The number of active addresses is also taking position with a hike of 9% at press time. Are institutional giants making their move, or are crypto whales quietly accumulating? Lets find out…
Massive surge in big money moves
The impressive 3038% surge in large Render network transactions highlighted greater interest from whales and institutional players. This trend usually goes hand in hand with higher price movements, one where larger market participants begin to hoard tokens in expectation of high prices.
The aforementioned spike in whale activity also coincided with a greater market trend pivot, one that could mean a change in landscape for RNDR’s price action.
Source: IntoTheBlock
Render network’s pulse quickens as volatility flood in
The tremors of the massive whale activity were evident in the market dynamics though. According to AMBCrypto’s analysis of Render’s trading activity, for instance, Render saw a 9% uptick in active addresses.
More active addresses generally translate into heightened activity in trading and user interaction.
In fact, this metric often correlates with price volatility. And, the changing face of RNDR’s trading landscape could point to an influx of new participants into the market.
Source: IntoTheBlock
RNDR dips, but there is a twist
RNDR’s price broke out of a pennant pattern back on 23 September – A bullish signal that normally precedes further upward movement. At the time, market participants anticipated that RNDR’s price would test the $7.5 resistance level.
However, after the breakout, the price of Render retraced by 15% into previous pennant resistance support at $5.76. This level, at press time, was acting as pivotal support. Going forward, it sets up potential for a bullish reversal.
Source: TradingView
With large transactions surging and bullish sentiment accumulating, RNDR is at a key point right now.
If the $5.76 support level continues to hold, it could propel Render to new highs as market participants look to capitalize on the building bullish momentum.
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