Render (RNDR) Token Sees Retail Investors Taking Charge 🚀
The Render (RNDR) token has experienced significant gains over the past 24 hours, with a noticeable absence of whale activity driving the uptrend. However, retail investors are stepping in to fill the gap, indicating a potential shift in market dynamics.
Retail Investors Snap Up More Supply 📈
- Whales, entities holding large amounts of cryptocurrencies, have been distributing RNDR tokens, as reported by IntoTheBlock.
- Data analysis reveals a decrease in balances held by whales, while retail investors are increasing their holdings.
- Addresses holding 100,000 to 1 million RNDR tokens have increased their balance by 14.54%, signaling growing interest among retail investors.
Render Holdings Distribution: Source – IntoTheBlock
Another positive indicator is the increase in the lower cohort’s balance by approximately 10.79%. This trend could bolster the optimistic outlook for RNDR.
Render Network Activity Rises 📊
- Activity on the Render network has seen a 13.37% increase in active addresses over a seven-day period.
- A rise in active addresses suggests sustained short-term growth potential for RNDR.
- The number of new and zero-balance addresses has also increased, indicating growing adoption and potential price support.
Render Active and New Addresses: Source – IntoTheBlock
RNDR Price Prediction: Bullish Momentum Ahead? 📈
- At the time of writing, RNDR is trading at $7.76, reflecting an 8.13% increase in the last 24 hours.
- The Market Value to Realized Value (MVRV) Ratio suggests that many holders are currently at unrealized losses.
- A 30-day MVRV Ratio of -20.57% indicates a potential rally zone for RNDR, with historical data supporting previous price surges.
Render 30-Day MVRV Ratio: Source – Santiment
Based on current trends, RNDR could potentially reach $8.37 in the short term, with an extended bullish scenario targeting $9.25. However, caution is advised as heavy distribution from whales or declining buy orders could reverse the positive momentum, leading to a drop to $6.95.
Hot Take: Embrace the Retail Surge 🚀
As whale activity takes a back seat, retail investors are stepping up to drive the next phase of RNDR’s price action. With growing interest and adoption, the token’s rally may have more room to run. Keep a close eye on market dynamics and investor sentiment to navigate potential price swings effectively.
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