Render

The top Decentralized Physical Infrastructure (DePIN) token <a href="https://news.todayq.com/render-hits-ath-of-13-59-after-nvidia-gtc-eyes-on-15/" rel="noopener noreferrer nofollow">Render (RNDR)</a> has garnered massive attention in the last 7 days due to its impressive performance. On May 8, 2024, an on-chain analytics firm, LookOnChain, made a post on X (formerly Twitter), stating that in the last 7 days, crypto whales significantly accumulated RNDR tokens, resulting in a token price surge of over 40%. Whales accumulate 1.8 million RNDR token 
According to the post on X, fourcrypto whales together have accumulated a massive 1.88 million RNDR tokens worth $11.3 million from the world’s biggest cryptocurrency exchange, Binance. This massive RNDR accumulation highlights the attention of investors, institutions, and retailers toward this top DePIN token. However, this massive accumulation of RNDR tokens follows the breakout of the trendline. 
Looking at the detailed actions of whales, on April 30, 2024, a whale wallet address, 0x15CF, withdrew 748,898 RNDR tokens worth $5.3 million from Binance. Another whale wallet address, 0x1Cb7, withdrew a total of 364,586 RNDR tokens worth $3.68 million on May 3rd, 2024. Meanwhile, whale wallet addresses 0xCA9C and 0xE61A withdrew a massive $2.3 million worth of RNDR tokens from Binance on May 2, 2024. Additionally, on May 8, 2024, a whale wallet address, 0x06b2, withdrew 50,973 RNDR ($510K) from Binance. Renders’ technical analysis and key levels 
According to expert technical analysis, the Render (RNDR) token is currently struggling near a resistance zone of $10.5. However, in a shorter timeframe, it appears that RNDR might experience some correction here and also has the potential to drop over 8% to $9.2. On the other hand, if the RNDR price soars and on a daily timeframe gives a daily candle closing above $10.85, then there is a high chance that it could surge over 25% and hit $13.7. Source: TradingView 
Despite a massive price surge in the last 7 days, the RNDR token is currently trading near $10.04, and in the last 24 hours, it experienced over 6% of downside momentum. If we look at the RNDR token over a longer period, in the last 7 days, it experienced a price surge of over 40%. Whereas, in the last 30 trading days, the RNDR token price has remained stable despite lots of uncertainty in the cryptocurrency market.

Here’s Why RNDR token soars 40% in a week

Todayq News

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