- Render rebounded 29% in just 48 hours, after a steep 40% drop over the last week.
- The altcoin’s surge in trading volume and rising whale activity signal bullish momentum for Render, with $8.13 emerging as a key target level.
As a seasoned researcher with a knack for deciphering market trends and a penchant for cryptocurrencies, I find myself intrigued by Render’s [RNDR] recent performance. The altcoin’s rollercoaster ride over the past week – from a steep 40% drop to a swift 29% rebound in just two days – has been quite the spectacle.
In recent developments within the Solana network, RNDR (Render) has been one of the top performers. This digital asset has experienced a rise of more than 10%, putting it at a current price of $7.43 as we speak. As per information from CoinMarketCap, both the trading volume and market cap of RNDR have also experienced considerable growth.
Notably, the coin’s trading volume skyrocketed by 43%, reaching $1.26 billion in just one day.
A volatile week leads to a strong comeback
Although Render experienced a significant surge lately, it endured a challenging week. The coin’s value dived approximately 40%, marking one of its steepest declines since it emerged from a symmetrical triangle consolidation pattern. This dramatic fall stirred uncertainty among investors, but surprisingly, the altcoin has displayed an impressive rebound.
Over the past two days, it has regained all its previous losses and jumped by a significant 29%. This swift recovery strengthens RNDR’s status as a leading player within the Solana network.
Render whale capitalizes on the dip
The data from IntoTheBlock suggests that the size of transactions on the cryptocurrency is increasing by 10%. This could indicate heightened interest or activity among large investors, often referred to as “whales,” which might be a positive sign for the coin’s future price trend.
Generally speaking, a rise in whale (large investor) activity tends to coincide with significant market movements, which lends credence to the possibility that Render could keep climbing.
Liquidation heatmap leans to the bulls
Furthermore, the data from the liquidity heatmap suggests a bullish tilt. The heatmap indicates a significant amount of liquidity, approximately 310,000 units of Render, that can be liquidated at the price point of $8.13.
This pool could act like a magnet for price action and serve as an effective target for the bulls.
What next for Render?
The blend of technical and blockchain indicators paints a hopeful image for Render. Despite the dip from last week challenging its strength, the cryptocurrency has powerfully recovered, swiftly regaining trust among investors within a brief period.
Read Render’s [RNDR] Price Prediction 2024–2025
The coin’s price trend combined with increasing trade volume and whale involvement indicates it might maintain its upward direction over the short term.
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2024-12-22 08:07