Token

Render

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/render-token-faces-increased-selling-pressure" data-wpel-link="internal" rel="noopener noreferrer nofollow">Render Token Faces Increased Selling Pressure</a><br></p>
<p style="text-align: justify">The recently rebranded Render (RENDER) <a href="https://en.bitcoinhaber.net/enthusiasm-builds-as-dogwifhat-wif-coin-value-soars" data-wpel-link="internal" rel="noopener noreferrer nofollow">token</a> has been oscillating within a defined price range since early July. Although the broader market has seen an upward trend, Render has faced diminished demand, potentially threatening its support levels. The token’s price has been confined within a horizontal channel, defined by resistance at $7.20 and support at $5.70. This price movement reflects a balance between buying and selling pressures. However, <a href="https://newslinker.co/can-artificial-intelligence-achieve-consciousness/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">recent data</a> indicates an upsurge in selling pressure, which may push the price below these established support levels.</p>
<h2 id="why-is-render-token-struggling">Why Is Render Token Struggling?</h2>
<p style="text-align: justify">Market data from IntoTheBlock shows a significant decline in the number of daily active and new addresses for Render last week. Specifically, there has been an 84% drop in unique addresses transacting with the token and a 77% decrease in new addresses created for altcoin transactions. This trend indicates a broader decline in market interest and may contribute to negative sentiment surrounding the token’s price.</p>
<p style="text-align: justify">Additionally, whale <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a>, who hold more than 0.1% of the asset, have also shown caution. The net flow of tokens among these large investors has plummeted by 99%, suggesting that they are offloading their holdings. This increased selling activity among major holders further compounds the downward pressure on RENDER’s price.</p>
<h2 id="what-s-next-for-render-token">What’s Next for Render Token?</h2>
<p style="text-align: justify">Should the current selling pressure persist, RENDER’s price is likely to test its support level and may even fall below it. According to chart analyses, the price could drop to around $5.66 if the selling continues without a counterbalancing increase in buying activity. Conversely, if the token sees a resurgence in demand and accumulation, it could rebound and aim for $7.45, surpassing its current resistance.</p>
<h2 id="key-takeaways">Key Takeaways</h2>
<p style="text-align: justify">– Monitor the support level at $5.70 and resistance at $7.20 for potential price movements.<br> – Watch for changes in the number of active and new addresses as indicators of market interest.<br> – Pay attention to whale activity; a significant drop in holdings can signal increased selling pressure.<br> – Keep an eye on on-chain data sources like IntoTheBlock for real-time market insights.</p>
<p style="text-align: justify">If the downward trend continues, the price of RENDER may fall to $5.66, reflecting the bearish sentiment in the market. Conversely, an uptick in buying activity could drive the price up to $7.45, suggesting a potential recovery. Investors should closely monitor these indicators to make informed decisions.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/render-token-faces-increased-selling-pressure" data-wpel-link="internal" rel="noopener noreferrer nofollow">Render Token Faces Increased Selling Pressure</a></h5>

Render Token Faces Increased Selling Pressure

Daftar Isi

BH NEWS

Artikel lain yang dipublikasikan pada 29 Jul 2024

Binance Coin’s Recent Price Drop: Impact of CZ’s Legal Troubles and Market Sentiment

BlackRock Issues Warning Against Major Crypto Scams

Streamlining Project Deployment in the Blockchain Industry in 2024

Bitcoin Cash Gains Significant Attention with Recent Performance

Scaramucci Supports Trump’s Bitcoin Policies Amid Broader Concerns

Steering the Digital Dollar: An Exclusive Interview with Tether CEO Paolo Ardoino

Bergabunglah dengan buletin gratis kami untuk pembaruan kripto harian!