Render Coin Rally and Market Correction
In the Asia trading hours, the crypto market experienced a significant increase in AI-related tokens following the Nvidia AI Conference GTC 2024. This event has the potential to drive awareness and adoption of AI technologies, which could lead to increased utility and demand for related crypto tokens. As a result, the Render coin price surged to a new all-time high of $13.38. However, with the recent correction in the market, it remains to be seen whether this rally will continue or if RNDR will face a setback.
Key Support Levels to Monitor
The Render coin started a strong recovery trend in late January, with its price bouncing back from $3.41. This bullish rally, fueled by positive market sentiment, propelled the coinโs value up by 294%, reaching a new all-time high of $13.38.
However, as Bitcoinโs price dropped below $70,000, RNDR experienced a sharp reversal in its overextended rally. Currently trading at $11.72, the coin has registered an intraday loss of 10.8%, with a long red candle appearing on the daily chart.
SpotOnChain, an on-chain data tracker, reported significant whale activity involving 2.5 million RNDR tokens worth approximately $30.8 million being moved to centralized exchanges (CEXs) for potential profit-taking within the past day. These wallets are linked to a group that acquired 58.28 million RNDR from the Render Network in 2022 at a price of around $1.41.
This market correction combined with whale distribution may trigger a notable pullback in the Render coinโs price. If bearish momentum continues, buyers may seek support at key levels such as:
- $11.4
- $9.85
- $8.65
These levels align with Fibonacci retracement levels of 23.6%, 38.2%, and 50% respectively. As long as the Render coin remains above the 50% Fibonacci retracement level, buyers will likely maintain their dominance in the market.
Technical Indicator Analysis
- BB indicator: The Bollinger Band indicator shows a significant upswing, indicating strong recovery momentum.
- Average Directional Index (ADX): The ADX slope is currently at 45%, suggesting that buyers led an overextended rally and a minor pullback is necessary to regain exhausted momentum.
Hot Take: Will RNDR Continue Its Rally?
The recent surge in AI-related tokens due to the Nvidia AI Conference GTC 2024 has propelled the Render coin to new all-time highs. However, with the market correction and whale activity, there is uncertainty about whether RNDR will be able to sustain its rally. Traders and investors should closely monitor key support levels and technical indicators to assess the future direction of RNDRโs price.
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