- Render’s price has dipped by 15% over three days, yet 70% of its holders remained in profit at press time
- Altcoin’s large transactions have been shrinking, raising concerns about market momentum
As a seasoned researcher with a penchant for deciphering market trends, I find myself intrigued by the enigma that is RNDR at present. The recent 15% plunge may have sent shivers down the spines of novice investors, but the fact that 70% of its holders remain in profit speaks volumes about the resilience of the RNDR community.
Yesterday, Record (RNDR) experienced a notable 15% drop on the daily chart, mirroring the overall market’s apprehension. Despite this decline, an intriguing fact is that about 70% of Record owners were in profit at the time of reporting, indicating that many of its holders are still maintaining their long positions.
Nevertheless, it causes doubts about how sustainable this profitability might be in the long run. Particularly since the altcoin is nearing a significant technical and fundamental support point.
The profitability metric is a double-edged sword. On one hand, it highlighted a resilient investor base. On the other hand, it may trigger sell pressure as profitable holders seek to lock in gains.
Both dynamics make the upcoming $8.26 support level pivotal for RNDR’s short-term outlook.
Source TradingView
RNDR whales and trading activity shrink
Despite ongoing profitability, it seems that Render’s whale transactions are showing indications of slowing down. To put it another way, a recent analysis by IntoTheBlock shows a substantial decrease (about 79%) in large transactions over the past 24 hours.
A steep drop in whale involvement might hint at reduced confidence among the key participants, which is usually a precursor for prolonged downtrends.
Currently, it seems that retail activity is experiencing a slowdown. In other words, during the same timeframe, we saw approximately a 2% decrease in active addresses. Although this decline is relatively small, it hints at a decreasing level of excitement among smaller investors, suggesting their interest may be diminishing.
Accumulated, these measurements depicted a trend showing the market slowing down progressively.
RNDR’s price now approaching key support levels
Looking at the ongoing drop in Render’s price, many investors are focusing on the $8.26 support level. In the past, this level has served as a significant psychological hurdle, potentially attracting buyers who aim to halt any further declines.
Should this stage not succeed, it might lead to further drops. In this scenario, 70% of Render’s investors who are currently in profit will have a crucial impact. If they choose to maintain their holdings during the corrective phase, it may strengthen the significant support level.
Alternatively, a wave of profit-taking could push the price further down.
Besides the previously mentioned technical and blockchain indicators, the 162,340 pool of liquidated positions signaled a possible price turnaround towards an anticipated rise, as shown by its green light.
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2024-12-19 09:11