The price of RenderToken (RNDR) has seen a significant 12% surge over the last 24 hours, making it one of the top gaining altcoins. According to CoinMarketCap, RNDR is currently trading at $5.65 with a 24-hour trading volume of $314 million. Over the last day, the RNDR price has increased by 14.42%.
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Whale Takes $2.4 Million Profit
This upward price movement comes just after it was reported that a whale took substantial profits from their RNDR holdings. As highlighted by Spot On Chain, an anonymous whale address deposited 699,568 RNDR tokens, worth $3.46 million at the time, to Coinbase after accumulating them for months at lower prices. The estimated profit for the whale address was $2.41 million.
Surprisingly, this large-scale sell-off did not negatively impact RNDR’s price. In fact, RNDR has only surged higher since then. This suggests that even huge whale profits do not always affect a cryptocurrency’s market performance.
Besides the whale activity, RNDR also has strong fundamentals backing its recent upside momentum. RenderToken aims to build a GPU rendering network on Ethereum, connecting artists requiring significant computing power with mining partners.
Bullish Technical Pattern Emerging
Additionally, positive sentiment has been growing around RNDR in trading circles. According to a top crypto analyst on X going by dani_unss, RNDR appears to be forming an optimistic cup and handle pattern. “RNDR cup & handle pattern, target 10$ Bullish on $RNDR,” tweeted dani_unss.
The analyst believes the technical pattern signals additional upside for RNDR price, with an eventual target of $10. They seem convinced of RNDR’s bullish potential overall. However, Dani_unss also advised interested traders, “Of course, if you want to be safe, buy on Spot!” indicating that buying the underlying asset directly could be a safer move versus risky derivatives products.
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Show more +Consequently, between the continued development, underlying use case, and technical factors, RNDR has several tailwinds behind its ongoing rally. While short-term profit-taking fluctuations are likely, RNDR appears positioned for additional upside based on its 12% single-day surge after the whale transfer.
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