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

In an unprecedented turn of events, RNDR, the native token of the Render Network, illustrated signs of a pullback today, May 11, following a phenomenal bull run witnessed over the past week. After rallying 27.30% in the past seven days, RNDR’s price slipped nearly 3% in the past 24 hours, falling in line with a stockpile of market statistics.

Here’s a closer look into these metrics and what the Render token’s long-term prospects look like.

Market Maker Dumps Colossal Amounts of RNDR

In a post shared by the on-chain analytics platform ‘The Data Nerd,’ it was brought to light that address 0x537, reportedly linked to GSR Markets, a renowned digital asset market maker, has deposited a staggering 500,000 RNDR, worth $5.56 million, to Binance. This action appears to have primarily influenced the token’s current price movement, pulling it into the red territory.

Notably, the address still holds 550K RNDR tokens, worth $6.07 million, birthing speculations over future dumps which could again bring about increased selling pressure to the token.

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

Just now, this wallet still has 550k $RNDR (~$6.07M).

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

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

Meanwhile, it’s worth mentioning that the remarkable weekly gains illustrated by the Render token comes alongside a phenomenal spike in whale activity, which triggered a rising price action for the crypto. Further, the recent rise in AI and Big Data projects has additionally injected a bullish trend in the AI coin.

Collectively, this data has ignited market sentiments of short-term volatility, with the token’s long-term price movements eyeing greater heights despite today’s slip.

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RNDR Price Dips, What’s Next?

As of writing, RNDR’s price has slipped 3.50% in the past 24 hours and is currently trading at $10.93. The AI token’s market cap fell 3.81%, reaching $4.24 billion, followed by a 24-hour trading volume plunge of 15.09% to $458.78 million.

Coinglass data illustrates that RNDR’s open interest dipped 1.99%, reaching $183.09 million, whereas derivatives volume dropped 6.41% to $734.18 million. Underscoring loss of investor interest and reduced market activity, this further rationalizes the token’s today’s tumbled movement.

Meanwhile, the RSI hovered at 65, with a buying sentiment prevailing within the market. This hinted that the token has yet to reach overbought territory, with potential gains lying ahead. Conversely, the market may witness a price correction if an overbought territory is reached.

On the other hand, with the coin gaining roughly 27% over the past week, sentiments of a due price correction already loomed.

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