Highlights
In the Asia trading hours, the crypto market witnessed a notable uptick in Al-related tokens attributed to the Nvidia AI Conference GTC 2024. Such events can drive awareness and adoption of AI technologies, potentially increasing the utility and demand for related crypto tokens. Amid the increasing demand, the Render price surged to a new all-time high of $13.38 yesterday. Will the current correction trend hamper this rally or will RNDR continue its forward March?
Also Read: Top 3 Altcoins To Buy Likely To Turn $10 Into $1000 This Week
The Render coin entered an aggressive recovery trend in late January when the price rebounded from the $3.41 mark. This bullish rally bolstered by broader market sentiment uplifted the coin 294% to hit a new all-time high of $13.38.
However, with the Bitcoin price falling below $70000, the overextended rally of RNDR price witnessed a sharp reversal. Currently trading at $11.72, the coin price registered a 10.8% intraday loss projecting a long red candle in the daily chart.
Moreover, the on-chain data tracker SpotOnChain reported significant whale activity, with 2.5 million RNDR, worth around $30.8 million, being moved to centralized exchanges (CEXs) for potential profit-taking in the past day. These wallets are linked to a group that acquired 58.28 million RNDR from the Render Network in 2022 at a price of approximately $1.41.
Thus, the market correction coupled with whale distribution may trigger a notable pullback in the Render price. If the bearish momentum, the coin buyers may seek support at $11.4, $9.85, and $8.65, which align with the Fibonacci retracement levels of 23.6%, 38.2%, and 50% respectively.
As long as the Render coin maintains above the 50% Fibonacci retracement level, the buyers will stand as a dominant force in the market.
Also Read: Bitcoin Whales Pull Out Over 21,400 BTC From Exchanges In A Week
Related Articles
The PEPE Coin price has returned to a crucial demand zone after a sharp decline,…
The Solana price narrative continues to gain traction as market voices highlight both technical accumulation…
Avalanche price has sunk into a correction after falling by 16% from its highest point…
Chimpee, the project behind the hyped CHMPZ tokens, combines the best of both worlds. It…
Ethereum price is showing signs of resilience after recent turbulence, with renewed attention on whale…
The HYPE price outlook has gained attention after a market analyst, Ali Charts, remarked that…