Render Network’s Massive RNDR Token Transfer Sparks Curiosity Amidst Bearish Trend: Critical Price Points Revealed
The Render Network transferred 2.5 million RNDR tokens (worth approximately $20.8 million) to a new wallet address sparking interest from the broader crypto community. Interestingly, 1.65 million RNDR tokens (valued at around $13.4 million) were subsequently deposited to Binance within the past five hours.
Besides, this unexpected move has raised concerns and questions, especially since the Render Network was supposed to unlock only around 761,000 RNDR tokens (approximately $6.33 million), or 0.2% of the circulating supply, on the day of the transfer.
The revelation of these substantial token movements was brought to light by Spotonchain, an onchain analytics firm. In their tweet, they directly questioned the Render Network, inquiring, “Where did the rest of the tokens go, @rendernetwork?” This query has sparked speculation and curiosity within the crypto community.
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Market Analysis
Amidst this news, altFINS, an analysis platform, has provided insights into the trade setup and patterns surrounding the RNDR token. According to their analysis, RNDR shows mixed trends, currently trading in a Channel Down pattern. They advise trend traders to wait for a breakout from this pattern as a signal that an uptrend might resume.
Source: altFINS – Start using it today
For swing traders, altFINS suggests entering near the Channel support trendline of $6.00, which aligns with a horizontal support zone and the 200-day moving average, creating a robust support area overall. They recommend setting a stop-loss at $4.80 and initiating a price alert.
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Additionally, altFINS notes that while the price is exhibiting a downtrend on a short-term basis, the medium-term trend remains neutral, and the long-term trend is upward.
Significantly, the momentum for RNDR is currently bearish but inflecting, as evidenced by the MACD Line being below the MACD Signal Line and the RSI below 45. However, the rising MACD Histogram bars suggest that momentum could be nearing an upswing.
The nearest support zone for RNDR is identified at $8.00, followed by $6.00, while the nearest resistance zone is $10.00 (a previous support level) and then $13.00.
As the Render Network’s token movements raises questions and the RNDR token faces a downward channel pattern, the crypto community awaits further clarification and developments from the project team.
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