The post Render gains 29% in 7 days – Are whales driving RNDR ahead? appeared on BitcoinEthereumNews.com.

Render transactions exceeding $100,000 surged from 164,000 to 852,000 in two days. This rise has coincided with a resumption of buying activity, as the CMF shows. Render [RNDR], at press time, traded at $8.73 after a 3% gain in 24 hours. Following these gains, Render was up 29% in one week, making it a top performer among AI and Big Data coins, per CoinMarketCap.  These gains seem to have attracted the attention of large addresses. Per IntoTheBlock, large transactions exceeding $100,000 have surged by more than 400% in two days, from 164,000 RNDR to 852,000 RNDR. Source: IntoTheBlock Whales make up 76% of Render’s total supply. Therefore, when these large addresses become active, it is bound to impact price volatility.  The surge in large addresses has also coincided with a bullish momentum for RNDR, as depicted in its one-day chart.  Render’s buying activity resumes  The Chaikin Money Flow (CMF) on Render’s daily chart showed a surge in buying pressure after flipping to the positive region. This surge showed that buying activity was at the highest level in nearly three weeks.  Render’s short-term momentum also flipped bullish after the altcoin flipped resistance at the 50-day Simple Moving Average (SMA) at $8.22. A continuation of this uptrend could see RNDR target the 2.618 Fibonacci level at $13.77.  Source: TradingView Traders should also watch for support at the 150-day SMA ($6.31) as a drop below could invalidate the bullish momentum. As long as Render continues to trade above the short-term and the long-term moving averages, the momentum will remain positive.  Rising MVRV suggests…  Render’s Market Value to Realized Value (MVRV) ratio has surged to its highest level in three weeks. This rise shows increased profitability for holders, which results in a bullish momentum.  Despite the rise, the MVRV was still below the monthly…

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Filed under: News - @ January 7, 2025 8:21 pm