Render (RNDR) price has reached the peak of a bull run, hitting an all-time high in the last 24 hours. However, this ATH in RNDR’s case could turn into a bearish reversal event. Can Render sustain the upward price momentum?
Two Key Factors in RNDR’s Performance
Render’s price maintained above the $10 level last week, but this changed as the cryptocurrency surged by 27% in the last 24 hours, reaching $13.83. This unexpected rise could result in increased gains for RNDR holders.
Consequently, two main factors point in this direction, suggesting that profit-taking may increase in the future. Firstly, the average coin age (MCA) of Render tokens has significantly decreased. This could be one of the largest deviations recorded in altcoin history for an on-chain metric. The average cryptocurrency age represents the average age of all cryptocurrencies in circulation within a network. It is calculated by dividing the total coin days by the total supply. This measure helps gauge the level of activity within the network and hodling behavior.
RNDR Price Prediction
The decrease in MCA could indicate that investors are less inclined to hold onto their assets and move them elsewhere. Considering a deviation similar to RNDR’s, investors may be more likely to sell their tokens. Whales may already be doing this, considering their recent moves to minimize their token holdings. In the last nine days, approximately 2 million RNDR worth over $25 million were moved out of wallets.
As of writing, Render price is trading at $12.92, slightly below its all-time high. However, market conditions indicate that RNDR could fall further. The Altcoin has a high chance of dropping to $11.50, which could extend a 11% correction and send the crypto asset down to $10. Yet, the $11.50 support intersects with the 50-day exponential moving average. This level could create a technical support base that allows RNDR to recover.
