Render

Rally

Value

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<ul> 
 <li style="font-weight: 400"><a href="https://coinstats.app/coins/render-token/">Render</a> (RNDR) experiences price increase as smaller holders increase their positions, countering whales’ distribution.</li> 
 <li style="font-weight: 400">Traction on Render’s network is growing thanks to an influx of new and active addresses.</li> 
 <li style="font-weight: 400">The price of the token hangs at an opportunity zone which can drive it toward $8.37.</li> 
</ul> 
Render (RNDR), the token of the distributed GPU network, has been one of the top gainers of the last 24 hours. However, it appears that whales have refrained from adding fuel to the uptrend. 
While whales take a back seat, on-chain analysis proves that other token holders are not waiting to be fed before taking matters into their own hands. 
<h3 id="span-style-font-weight-400-retail-investors-snap-up-more-supply-span">Retail Investors Snap Up More Supply</h3> 
Before we begin, it is important to define who whales are. Whales are entities that hold large amounts of cryptocurrencies. Because of this, they tend to have a big influence on prices. 
According to IntoTheBlock, RNDR whales have been distributing the token. Data from the blockchain analytic platform reveals that addresses holding 1 million to 100 million RNDR have decreased their balance in the last seven days. 
But a new wave of buy orders has begun to pile up. This time, it is from retail investors. As the image below shows, addresses holding 100,000 to 1 million RNDR tokens have increased their balance by 14.54%. 
The lower cohort holding 1 to 10 tokens has also topped their balance by roughly 10.79%. Should this action continue, it will lend credence to the optimistic outlook for RNDR. 
<h3 id="span-style-font-weight-400-render-network-activity-rises-span">Render Network Activity Rises</h3> 
In addition to the distribution and accumulation mentioned above, activity on the Render network adds to the bias. In a seven-day window, the number of active addresses increased by 13.37%. 
Active addresses show the number of unique users participating in successful transactions on a blockchain. If the proportion of active users rises, we can infer that RNDR can maintain short-term growth. 
Another promising sign is the number of new and zero-balance addresses. New addresses help us understand a project’s growth. When the metric increases, it means that participants are making their first transaction on the network. 
However, a decrease in new addresses suggests a dearth of new entrants and a loss in traction. For RNDR, the number of new and zero-balance addresses increased by 3.47% and 6.75% in the last seven days, respectively. This means that adoption is skyrocketing, which may support a further price increase for the token. 
<h3 id="span-style-font-weight-400-rndr-price-prediction-will-the-rally-reach-9-20-span">RNDR Price Prediction: Will the Rally Reach $9.20?</h3> 
RNDR trades at $7.76 at press time — an 8.13% 24-hour increase. Despite the price increase, the Market Value to Realized Value (MVRV) Ratio reveals that many holders have unrealized losses. 
The MVRV measures the average profit or loss of addresses that purchased RNDR. This data can help determine whether the token is in the danger zone or opportunity area.&nbsp; 
When the ratio dips below 0%, it implies that the cryptocurrency has entered a region for accumulation. Conversely, an extremely high ratio indicates that the price may soon undergo a notable correction. 
<figure id="attachment_74852" aria-describedby="caption-attachment-74852" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class=" wp-image-74852" src="http://bitcoinworld.co.in/wp-content/uploads/Render-Price-Chart-3-483x300.png" alt="" width="562" height="349" srcset="https://bitcoinworld.co.in/wp-content/uploads/Render-Price-Chart-3-483x300.png 483w, https://bitcoinworld.co.in/wp-content/uploads/Render-Price-Chart-3.png 760w" sizes="(max-width: 562px) 100vw, 562px">
 <figcaption id="caption-attachment-74852" class="wp-caption-text">
 Render Price Chart
 </figcaption>
</figure> 
&nbsp; 
<a href="https://app.santiment.net/charts/bMdyfvVG__sCl">According</a> to Santiment, RNDR’s 30-day MVRV Ratio is -20.57%, indicating that the token is at a spot that can lead to a rally.&nbsp; 
The last time the 29th most valuable cryptocurrency approached such an area, the price went from $7.64 to $9.28. 
Currently, the cryptocurrency mirrors a similar pattern. If the upswing continues, RNDR’s price may reach $8.37 in the short term. In a highly bullish market condition, the token’s price can reach $9.25. 
However, the attempt to break out will be invalidated if whales resume heavy distribution. In addition, declining buy orders from other addresses can worsen matters for RNDR. If this happens, the next target for the token will be a drop to $6.95.

Render (RNDR) Price Eyes Increase Without Whales

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