Render (RNDR) Price Slips Following 27% Rally, Here’s Why

In an unprecedented flip of occasions, RNDR, the native token of the Render Community, illustrated indicators of a pullback at present, Could 11, following an exceptional bull run witnessed over the previous week. After rallying 27.30% previously seven days, RNDR’s price slipped practically 3% previously 24 hours, falling according to a stockpile of market statistics.

Right here’s a more in-depth look into these metrics and what the Render token’s long-term prospects appear like.

Market Maker Dumps Colossal Quantities of RNDR

In a put up shared by the on-chain analytics platform ‘The Information Nerd,’ it was dropped at gentle that handle 0x537, reportedly linked to GSR Markets, a famend digital asset market maker, deposited a staggering 500,000 RNDR, value $5.56 million, to Binance. This motion seems to have primarily influenced the token’s present worth motion, pulling it into the purple territory.

Notably, the handle nonetheless holds 550K RNDR tokens value $6.07 million.

7 hours in the past, the 0x537 (belongs to @GSR_io) simply deposited 500k $RNDR (~$5.56M) to #Binance.

Simply now, this pockets nonetheless has 550k $RNDR (~$6.07M).

Handle:https://t.co/1XJH8YuQpd pic.twitter.com/jYCYYuSikO

— The Information Nerd (@OnchainDataNerd) May 11, 2024

In the meantime, it’s value mentioning that the exceptional weekly positive factors illustrated by the Render token comes alongside an exceptional spike in whale exercise, which triggered a rising worth motion for the crypto. Additional, the current rise in AI and Large Information tasks has moreover injected a bullish pattern within the AI coin.

Collectively, this information has ignited market sentiments of short-term volatility, with the token’s long-term worth actions eyeing higher heights regardless of at present’s slip.

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RNDR Worth Dips, What’s Subsequent?

As of writing, RNDR’s worth has slipped 3.50% previously 24 hours and is at the moment buying and selling at $10.93. The AI token’s market cap fell 3.81%, reaching $4.24 billion, adopted by a 24-hour buying and selling quantity plunge of 15.09% to $458.78 million.

Coinglass information illustrates that RNDR’s open curiosity dipped 1.99%, reaching $183.09 million, whereas derivatives quantity dropped 6.41% to $734.18 million. Underscoring lack of investor curiosity and decreased market exercise, this additional rationalizes the token’s at present’s tumbled motion.

In the meantime, the RSI hovered at 65, with a shopping for sentiment prevailing throughout the market. This hinted that the token has but to succeed in overbought territory, with potential positive factors mendacity forward. Conversely, the market could witness a worth correction if an overbought territory is reached.

However, with the coin gaining roughly 27% over the previous week, sentiments of a due worth correction already loom.

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