In an extraordinary development, the Render Network’s native token, RNDR, showed indications of a retreat today, May 11, after an incredible surge over the previous seven days. RNDR’s price dropped almost 3% on the last day, following a 27.30% increase over the previous seven days. This decline was consistent with a glut of market data.
Here’s a closer look at these indicators and the long-term outlook for the Render token.
The market maker dumps enormous quantities of RNDR
The on-chain analytics portal “The Data Nerd” revealed in a post that address 0x537, purportedly associated with the well-known digital asset market provider GSR Markets, deposited an astounding 500,000 RNDR, or $5.56 million, to Binance. This action has primarily influenced the token’s current price movement, pulling it into the red territory.
Interestingly, $6.07 million worth of 550K RNDR coins are still held in the address.
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
It’s important to note that the Render token’s astounding weekly gains coincide with a spectacular increase in whale activity, which in turn caused the cryptocurrency price to rise. The recent surge in Big Data and AI initiatives has also given the AI coin a favourable trend.
This data collectively has stoked the market’s perception of short-term volatility. Despite today’s decline, the token’s long-term price movements aim for higher levels.
What Comes Next After RNDR Price Drops?
As of this writing, the price of RNDR has decreased by 3.50% over the last day to trade at $10.93. The AI token’s market capitalization dropped by 3.81% to $4.24 billion, while its trading volume dropped by 15.09% to $458.78 million in a single day.
According to Coinglass data, RNDR’s open interest decreased by 1.99% to $183.09 million, while the volume of derivatives declined by 6.41% to $734.18 million. This further explains the token’s downward movement by highlighting a decline in investor interest and decreased market activity.
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 ahead. Conversely, the market may suffer a price fall if an overbought territory is reached.
However, with the coin up almost 27% in the last week, there are already rumours of an impending price fall.
