Render on the Rise: Whale Accumulation Signals Potential Growth
Render on the Rise: Whale Accumulation Signals Potential Growth
Meta Description: Render crypto noted a strong upside momentum after noting a breakout of a three week consolidation
The Supply held by the top addresses has surged by a significant 5% In August indicating Accumulation.
The daily chart highlights a breakout in Render after three weeks of consolidation near the demand zone.
Render benefited greatly from the broader market recovery and witnessed a strong breakout in intraday today. The crypto noted a breakout after a long three week consolidation near the demand zone.
The strength in the breakout clarifies the buyers intention to rise in tandem with the broader market recovery. The market leaders Bitcoin and Ethereum also noted a strong breakout rising nearly 4% today.
Moreover, the analysts have noted an accumulation going on in Render for the last three weeks by the top addresses which validates the possibility of a bullish continuation in the crypto.
Whales Aggressively Accumulating The Lows
Render crypto noted a strong upside momentum after noting a breakout of a three week consolidation. At the time of writing, Render was exchanging hands close to $5.64, rising a significant 11.8% in intraday.
Moreover, the analysts noted an interesting development in the recent sessions. While the Render price was maintained in a consolidation for the last three weeks. The supply held by the top addresses have surged significantly.
The top addresses also known as whales have added over nearly 5% of the total supply to their portfolio. The top addresses were holding nearly 66.6% of the total supply in the beginning of August which now has jumped to 71.2% at the moment.
The whales are the investors with large amounts of investments and more resources to analyze the markets than the small investors. Hence they tend to be in the right direction. A strong surge in the accumulation by the top addresses indicates a positive scenario in the upcoming session.
Render Price Technical Analysis
From a technical standpoint, Render has surpassed the 20 as well as 50 day Exponential moving average suggesting a strong outlook in the short term. However, the price still lags 18% below the 200 day EMA indicating a bearish trend prevailing in the long term.
However, the recent breakout with a 12% jump in intraday suggests a bullish continuation which may possibly result in a long term bullish trend. Along with the breakout, the transaction volume has surged by 5.2% to $71.10 Million indicating a heightened demand.
At the time of writing, the RSI line was placed at 58.2 points and that of the 14 day SMA line was placed close to 41.8 points indicating a positive outlook in the short term Moreover, a bullish crossover of both the lines was observed indicating a trend continuation on the higher side.
Render price surged 11.8% intraday to $5.64 after breaking out from a three-week consolidation. The analysts noted that top addresses, or whales, increased their holdings from 66.6% to 71.2% of the total supply.
From a technical perspective, Render surpassed the 20 and 50-day EMAs, indicating short-term strength, but maintained 18% below the 200-day EMA, suggesting a long-term bearish trend. The recent breakout and 5.2% increase in transaction volume to $71.10 million indicate heightened demand. The RSI at 58.2 and a bullish crossover with the 14-day SMA suggest a positive short-term outlook.
Meta Description: Render crypto noted a strong upside momentum after noting a breakout of a three week consolidation
The Supply held by the top addresses has surged by a significant 5% In August indicating Accumulation.
The daily chart highlights a breakout in Render after three weeks of consolidation near the demand zone.
Render benefited greatly from the broader market recovery and witnessed a strong breakout in intraday today. The crypto noted a breakout after a long three week consolidation near the demand zone.
The strength in the breakout clarifies the buyers intention to rise in tandem with the broader market recovery. The market leaders Bitcoin and Ethereum also noted a strong breakout rising nearly 4% today.
Moreover, the analysts have noted an accumulation going on in Render for the last three weeks by the top addresses which validates the possibility of a bullish continuation in the crypto.
Whales Aggressively Accumulating The Lows
Render crypto noted a strong upside momentum after noting a breakout of a three week consolidation. At the time of writing, Render was exchanging hands close to $5.64, rising a significant 11.8% in intraday.
Moreover, the analysts noted an interesting development in the recent sessions. While the Render price was maintained in a consolidation for the last three weeks. The supply held by the top addresses have surged significantly.
The top addresses also known as whales have added over nearly 5% of the total supply to their portfolio. The top addresses were holding nearly 66.6% of the total supply in the beginning of August which now has jumped to 71.2% at the moment.
The whales are the investors with large amounts of investments and more resources to analyze the markets than the small investors. Hence they tend to be in the right direction. A strong surge in the accumulation by the top addresses indicates a positive scenario in the upcoming session.
Render Price Technical Analysis
From a technical standpoint, Render has surpassed the 20 as well as 50 day Exponential moving average suggesting a strong outlook in the short term. However, the price still lags 18% below the 200 day EMA indicating a bearish trend prevailing in the long term.
However, the recent breakout with a 12% jump in intraday suggests a bullish continuation which may possibly result in a long term bullish trend. Along with the breakout, the transaction volume has surged by 5.2% to $71.10 Million indicating a heightened demand.
At the time of writing, the RSI line was placed at 58.2 points and that of the 14 day SMA line was placed close to 41.8 points indicating a positive outlook in the short term Moreover, a bullish crossover of both the lines was observed indicating a trend continuation on the higher side.
Render price surged 11.8% intraday to $5.64 after breaking out from a three-week consolidation. The analysts noted that top addresses, or whales, increased their holdings from 66.6% to 71.2% of the total supply.
From a technical perspective, Render surpassed the 20 and 50-day EMAs, indicating short-term strength, but maintained 18% below the 200-day EMA, suggesting a long-term bearish trend. The recent breakout and 5.2% increase in transaction volume to $71.10 million indicate heightened demand. The RSI at 58.2 and a bullish crossover with the 14-day SMA suggest a positive short-term outlook.
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