Despite a 15% price drop, 70% of Render holders remain in profit. While this indicates a resilient investor base, declining whale and retail activity, coupled with the altcoin approaching a key support level, raise concerns about the sustainability of this profitability.
Render 's price has dipped by 15% over three days, yet 70% of its holders remained in profit at press time. This suggested that a significant portion of holders are still in their long positions. However, it raises questions about how long this profitability can persist. Especially as the altcoin approaches a critical support level technically and fundamentally. The profitability metric is a double-edged sword. On one hand, it highlighted a resilient investor base.
On the other hand, it may trigger sell pressure as profitable holders seek to lock in gains. While profitability still remains high, Render’s whale activity has been starting to show some signs of exhaustion. For instance, according to IntoTheBlock data, large transactions fell significantly by 79% over the last 24 hours. Such a sharp decline in whale participation may signal low confidence among the major players, something that often precedes extended bearish trends. At press time, retail activity also appeared to be cooling. For example – active addresses fell by about 2% over the same period. Taken together cumulatively, these metrics painted a picture of a market that has been gradually losing momentum. As Render continues its descent, all eyes seem to be on the $8.26 key support level. Historically, this level has acted as a psychological barrier where buyers might step in to prevent further losses. The 70% of Render’s holders still in profit will play a critical role here. If they decide to hold through the price correction phase, it could bolster the critical support level. In addition to the aforementioned technical and on-chain metrics, the 162.34k pool of positions liquidated at $8.269 flashed a green signal of a potential price reversal to a potential rally
Render Price Drop Cryptocurrency Market Whale Activity Support Level
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Algorand price prediction – Despite 15% dip, will ALGO remain bullish?The Algorand price prediction was bearish in the short-term after the bearish divergence- but is the long-term bias bullish?
Read more »
Secret crypto (SCRT) price prediction – What next after its 200% price rally?Secret (SCRT) registered an over 200% two-week-long rally from a series of green candles from 5 to 17 November. The altcoin breached...
Read more »
Gold price ends the week with 5% gain as safe-haven demand drives price actionThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Read more »
XRP price prediction – Will whale demand drive price to $2?XRP price prediction revealed that increased whale interest could extend the ongoing uptrend. If so, $2 target could be within reach.
Read more »
Pepe coin price prediction – Will profit-taking derail recovery?Pepe price prediction suggested that the memecoin could front a price recovery despite whale profit taking.
Read more »
RENDER’s 18% hike means 81% addresses are profitableAs the market condition remained bullish last week, Render [RENDER] also performed well by pushing its price in double digits...
Read more »