In an unprecedented flip of occasions, RNDR, the native token of the Render Network, illustrated indicators of a pullback at the moment, May 11, following an exceptional bull run witnessed over the previous week. After rallying 27.30% prior to now seven days, RNDR’s price slipped almost 3% prior to now 24 hours, falling in step with a stockpile of market statistics.
Here’s a better look into these metrics and what the Render token’s long-term prospects seem like.
Market Maker Dumps Colossal Amounts of RNDR
In a publish shared by the on-chain analytics platform ‘The Data 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 pink 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.
Just now, this pockets nonetheless has 550k $RNDR (~$6.07M).
Address:https://t.co/1XJH8YuQpd pic.twitter.com/jYCYYuSikO
— The Data Nerd (@OnchainDataNerd) May 11, 2024
Meanwhile, it’s value mentioning that the exceptional weekly beneficial properties illustrated by the Render token comes alongside an exceptional spike in whale exercise, which triggered a rising worth motion for the crypto. Further, the current rise in AI and Big Data tasks has moreover injected a bullish pattern within the AI coin.
Collectively, this knowledge has ignited market sentiments of short-term volatility, with the token’s long-term worth actions eyeing larger heights regardless of at the moment’s slip.
Also Read: Uniswap Founder Unveils Key Threat Behind Biden’s Potential US Election Loss
RNDR Price Dips, What’s Next?
As of writing, RNDR’s worth has slipped 3.50% prior to now 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 knowledge 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 lowered market exercise, this additional rationalizes the token’s at the moment’s tumbled motion.
Meanwhile, the RSI hovered at 65, with a shopping for sentiment prevailing inside the market. This hinted that the token has but to succeed in overbought territory, with potential beneficial properties mendacity forward. Conversely, the market might witness a worth correction if an overbought territory is reached.
On the opposite hand, with the coin gaining roughly 27% over the previous week, sentiments of a due worth correction already loom.
Also Read: Ethereum Gas Fee Hits Four-Year Low After Dencun Upgrade, A Boon or Bane?
The introduced content material might embrace the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty on your private monetary loss.
