Render Whales Triggered The 40% RNDR Price Rally Last Week, What’s Next?

Popular AI coin Render Token (RNDR) is once again in the news amid a strong 40% price rally over the last week. Currently, the Render (RNDR) price is trading just under $10 with its market cap reaching closer to $4 billion.

Render Whales In Strong Accumulation Mode

On-chain data provider LookonChain reported that the recent Render (RNDR) price rally comes on the backdrop of strong whale activity and accumulation. According to on-chain data provided by Lookonchain, notable transactions involving the cryptocurrency $RNDR have been observed recently. On April 30 and May 1, user 0x15CF withdrew a substantial amount of $RNDR, totaling 748,898 tokens valued at $5.3 million, from the Binance exchange.

This withdrawal has resulted in a floating profit of $2.24 million for the user, who has a history of successful trades with $RNDR. Similarly, user 0x1Cb7, who has previously profited $480,000 from $RNDR trades, withdrew 364,586 tokens valued at $3.68 million from exchanges over the past five days, with an average buying price of $9.19 per token. Additionally, users 0xCA9C and 0xE61A withdrew 181,922 tokens ($1.81 million) and 58,950 tokens ($586,000), respectively, from Binance in recent day, per data on Etherscan.

According to on-chain data provided by Santiment, there is a notable surge in discussions surrounding artificial intelligence (AI) and big data within the cryptocurrency space. Projects associated with these expanding industries are experiencing significant growth, with $RNDR token witnessing an 11% increase in interest and becoming the top trending asset at present.

RNDR Price Action Ahead

Apart from its 40% gains over the last week, the Render price witnessed a strong rally in Q1 2024 hitting its all-time high in March. Amid the hype about AI coins, the RNDR token surged by 285% hitting an all-time high of $13.840.

The RNDR price has formed a symmetrical triangle pattern on the 1D timeframe, suggesting an imminent breakout. The Relative Strength Index (RSI) has surged, indicating increased buying activity in the cryptocurrency market.

A breakout above the resistance trendline would signal continued bullish momentum, with the potential for the price to test the $11.325 resistance level. Sustaining this level could pave the way for RNDR to target its upper resistance level of $13.840 in the current month.

On the flip side, a bearish trend reversal could lead to a loss of momentum, prompting RNDR to test its support level at $8.985.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.