RNDR Token Faces Bearish Trend Amid Market Volatility
### Key Takeaways
– Render’s RNDR token is in a downtrend, represented by a falling triangle pattern on the daily chart.
– Whale activity has increased, with transactions over $100,000 rising from 148,460 to 866,180 RNDR.
– Render’s network activity shows a significant decline, which could hinder the token’s recovery prospects.
– Key price levels: Support at $6.60 and resistance at $7.
###
Render in a Downtrend: The Falling Triangle Pattern
Render (RNDR) is displaying a falling triangle pattern on the daily chart, a clear indication of a downtrend. The On-Balance Volume (OBV) indicator confirms this, signaling a decline driven by increased selling pressure. Buyers currently appear hesitant, limiting the potential for a recovery.
The Moving Average Convergence Divergence (MACD) indicator also shows bearish momentum, with the MACD line positioned below the signal line. However, weakening histogram bars suggest that the downward trend may be losing strength, potentially leading to price stabilization.
The critical price levels are:
– **Support:** $6.60. A breach below this level could trigger further losses.
– **Resistance:** $7. A breakout above this level could signal a bullish reversal.
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###
Whale Activity: A Double-Edged Sword
Despite the bearish trend, Render whales have become more active. According to data from IntoTheBlock, transactions over $100,000 have surged significantly in the past two days. The volume has increased from 148,460 RNDR to 866,180 RNDR.
Whales, who control 76% of the total RNDR supply, have the power to drive substantial price movements through their activities. Whether these transactions are purchases or sales remains unclear. However, heightened volatility is likely.
###
Declining Network Activity: A Warning Sign
Render’s network activity is showing clear signs of weakness. Data from TokenTerminal indicates that the number of active weekly addresses is approaching a two-month low, following a 50% drop in December 2024.
Additionally, the total number of transactions has fallen to 270. This suggests that fewer users are actively engaging with the Render platform. If Render fails to attract new users, this could further hinder the RNDR token’s ability to recover from bearish trends.
###
Recovery Prospects in 2025?
The recovery of the RNDR token in 2025 depends on two key factors:
1. **Buying activity:** If buyers become more active and counter the selling pressure, this could stabilize the price.
2. **Network activity:** An increase in user numbers and transactions on the Render platform could boost interest in the token and improve market participation.
###
Our Assessment
Render faces a challenging period. The downtrend, declining network activity, and uncertainty surrounding whale transactions present significant obstacles. However, weakening bearish indicators and the potential for a bullish reversal above $7 suggest that stabilization is possible. The key will be whether Render can attract new users and incentivize buyers to return.
Sources: TradingView, IntoTheBlock, TokenTerminal
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