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Recently rebranded and renamed, the artificial intelligence-based token Render (RENDER) has been moving within a specific price range since the beginning of July. Despite the market’s upward trend, demand for Render significantly dropped last week, potentially causing its price to fall below long-standing support levels.
Render Comments
During periods when general asset fluctuations calm down, prices consolidate and move within a horizontal channel. This situation occurs when a balance forms between buying and selling transactions, preventing the price from making a clear upward or downward move.
The upper line of the channel in which the price moves is defined as resistance, while the lower line is considered support. In July, RENDER entered the mentioned channel, moving between the resistance at $7.20, where it was rejected, and the support at $5.70, which it visited several times.
However, the selling pressure on RENDER began to dominate, as reflected in the charts, potentially causing RENDER to move first to the support level and then to lower levels. On-chain data provided by IntoTheBlock showed a significant drop in the number of daily active and new addresses specific to the token last week.
According to the data provider, the number of unique addresses holding RENDER and conducting transactions with a value greater than zero dropped by 84% over the past seven days. Additionally, the number of new addresses created to conduct altcoin transactions during the review period also decreased by 77%.
When there is a general decline in the number of daily active and new addresses for the asset under review, it can reflect a larger sense of decline or a more significant drop in market interest. This situation is also known to create negative sentiment regarding the price of the asset under review.
On the other hand, whales conducting transactions with RENDER were seen avoiding risks over the past seven days. During the mentioned period, the net flow of the token’s large investors dropped by 99%.
The group referred to as whales denotes addresses holding more than 0.1% of the asset under review. The net flow of large holders for the asset under review reveals the difference between the coins these investors bought and sold over a specific period.
The observed decline indicates that whale addresses are selling the asset, showing an increase in selling pressure among large investors, which could lead to a potential price drop.
What Will Be the Price of RENDER?
If there is a possible increase in selling pressure, RENDER’s price could move to the support level and then below this region. Following this situation, the token’s price could drop to $5.66, as reflected in the charts.
On the other hand, if RENDER experiences a recovery and accumulation increases, the current trend could change, and RENDER’s price could rise to $7.45, above the resistance level.
