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.

1/ The price of $RNDR has increased by 40% in the past week!

Let’s check if any whales and smart money are accumulating $RNDR! pic.twitter.com/NAVHcJO55n

— Lookonchain (@lookonchain) May 8, 2024

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.