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Bearish sentiment remains supreme in the market today as RENDER flashes red, losing more value on the weekly timeframe. According to CoinGecko, the token bled by 18% since last week, continuing the bearish market consensus. With the market continuing to underperform, the altcoin might be on the pain train in the next couple of weeks. [...]
The post RENDER Flashes Red With 18% Short-Term Loss Details appeared first on Crypto Breaking News.
Render (RENDER) has captured market attention due to its role in decentralized GPU rendering, a critical component for 3D creators and applications in the Metaverse. [...]
Render has shown a sharp jump of more than 23% during the last week as on-chain data shows the large hands have continued to buy. Render Has Enjoyed Bullish Momentum Over The Past Week The cryptocurrency sector as a whole has witnessed an uplift recently, but Render has been among the altcoins that have really stood out from the rest. Whereas Bitcoin (BTC) and Ethereum (ETH) have only seen weekly profits of around 3% and 9%, respectively, RENDER has shown an impressive 23% jump. Related Reading: Dogecoin Wins Over Major Demand Zone: Path To $0.15 Now Clear? The below chart shows how the recent performance of the asset has been like. Following this sharp growth, Render’s price has now neared the $6.5 mark for the first time in four weeks. In terms of the market cap, the asset has seen its valuation touch $3.3 billion, placing it at the 29th place on the top cryptocurrencies list. The coin is now chasing Pepe (PEPE), which is the 28th largest asset in the sector with a market cap of around $3.9 billion. Though, considering the 18% difference in their valuations, it wouldn’t be an easy task for RENDER, especially since PEPE generally shows a notable rise of its own when the market goes up. As for what could be behind the latest growth that the cryptocurrency has enjoyed, perhaps on-chain data can provide some hints. Sharks & Whales Have Been Busy Buying The Token Recently According to data from the on-chain analytics firm Santiment, the Render sharks and whales have participated in some considerable accumulation during the last eleven weeks. The indicator of relevance here is the “Supply Distribution,” which tells us about the amount of supply that a given wallet group on the network is holding right now. In the context of the current topic, the cohort containing addresses who own at least 100,000 tokens is of interest. At the current price of the coin, this cutoff is equivalent to just under $650,000, which is a significant amount. As such, this group corresponds to the large hands of the market, popularly known as the sharks and whales. Below is the chart shared by the analytics firm, which shows how the Supply Distribution for these investors carrying 100,000+ coins has changed over the last few months: From the graph, it’s apparent that the supply held by the Render sharks and whales has witnessed a considerable increase over the last eleven or so weeks. More specifically, these investors have added 20.54 million tokens to their wallets, equivalent to 3.7% of the total supply. Related Reading: Bitcoin Correlation With Gold Now At Highest Level Since March The buying spree from this cohort has continued during the latest price surge and thus, could be at least a factor behind why it has taken place. Featured image from Dall-E, Santiment.net, CoinMarketCap.com, chart from TradingView.com
On-chain data shows the whales of these altcoins have been shifting their supply from exchanges to cold wallets recently, a sign that may be bullish for their prices. Whales Of These Altcoins Have Been Moving Into Self-Custody Recently In a new post on X, the on-chain analytics firm Santiment has discussed the trend in the Top Exchange/Non-Exchange Wallet Holdings for three altcoins: Polygon (MATIC), Injective (INJ), and Render (RENDER). Related Reading: Bitcoin Investors Succumb To Fear As BTC Erases $60,000 Weekend Recovery The “Top Exchange/Non-Exchange Wallet Holdings” here refers to an indicator that keeps track of the ratio between the balance of the ten largest wallets associated with centralized exchanges and that of the ten largest self-custodial addresses. The ten largest wallets of either type would naturally belong to the whales, the largest of the entities in the sector. In fact, these addresses wouldn’t be just any ordinary whales, but rather investors that are humongous even by whale standards. As such, the Top Exchange/Non-Exchange Wallet Holdings tells us about how the supply held by the exchange-related mega whales compares against the ones keeping their coins in cold wallets. Below is the chart shared by Santiment that shows the trend in this indicator for the altcoins over the last couple of years: As is visible in the above graph, the Top Exchange/Non-Exchange Wallet Holdings has registered sharp plunges for all three of these altcoins in the last two years, with Polygon seeing the latest one. The plunge in question had come for MATIC on the 9th of this month, with the mega whales moving a pretty significant amount to self-custody. In the days since then, the indicator has continued to decline for the altcoin, although the scale of the drawdown has been nowhere near what was witnessed during the aforementioned plummet. Render’s mega whales made a massive transfer towards cold wallets back on the 21st of July, and the ratio has since maintained at low levels. INJ’s plunge was much earlier, back on August 21st of last year, but the large hands have continued to gradually offload more supply from exchanges since then. Related Reading: Ethereum In Danger: Analyst Explains What Could Trigger Crash To $1,800 Generally, investors keep their coins in the custody of exchanges whenever they plan to participate in trading activities in the near term. Thus, the exchange supply of any asset may be considered as a reflection of its potential sell supply. In this view, the shift that the mega whales of these altcoins have shown towards self-custody can be a bullish sign. The indicator may be to monitor in the near future, however, as any reversals would imply that the mega whales want to sell again and, hence, that a bearish outcome may be waiting for the coins instead. Render Price At the time of writing, Render is floating around $4.8, down 8% over the past week. Featured image from Dall-E, Santiment.net, chart from TradingView.com
Render Network's latest spotlight features Annibale Siconolfi, a grant recipient known for his vivid futuristic 3D art, exploring themes like global warming and overpopulation. (Read More)
Altcoin traders could send MATIC, SUI, RENDER and TAO higher if Bitcoin manages to continue trading above $64,000.
Render continues its bullish rally with a cool 11% increase as noted by CoinGecko. Although the market has dipped slightly, the majority of it is still flashing green with the major cryptocurrencies reaching their respective targets. However, recent developments in the Render network made this upward trajectory possible. Related Reading: Optimism: Major Partnership Pushes OP Price By 24% Enthusiasts of the network continue to see growth after the platform released its Cinema 4D Wizard tool which sees huge potential in the media industry. This new tool helps artists achieve top-tier outputs while slashing work hours and streamlining workflows. New Wizard Tool Shortens Artist Workflow Render released the Cinema 4D Wizard last week, August 20, helping 3D artists to cut work time and streamline their workflows. This plug-in works on the Cinema 4D application, one of the most used 3D rendering software. According to Renders knowledge base, the tool has several features upon launch the most notable of which is the scene checker that analyzes several factors that may affect the final output. This assists artists in cleaning up their renders, making sure that each piece is in tip-top shape. https://t.co/Skl7nvhDBp The Render Network (@rendernetwork) August 20, 2024 NVIDIA Earnings Might Push RENDER Higher With the Render networks focus on decentralized computing, graphic cards are the backbone of the platforms niche in the decentralized physical infrastructure (DePIN) industry. Nvidias nearing earnings call will affect RENDERs price movement in the coming weeks. August 28 will be the date investors and traders should monitor. Any positive or negative news will affect the tokens performance once D-day lands. However, the companys anticipated next-generation AI chips might give RENDER a boost in the long term. RENDER Exhausted After A Week Of Upward Momentum As of writing, the token has been rejected by the $6.3 resistance level as a red candle forms on todays trading activity. This represents a slight dip in the coming days, purely because of RENDER bulls losing momentum in the short term. The tokens high relative strength index indicates a strong struggle between the bulls and bears, and the latter is currently winning in the short term. RENDERs correction period may have started, but it wont last that long. Investors and traders are still anticipating Nvidias earnings call that can turn the correction into another week of bullishness. Related Reading: Injective (INJ) Skyrockets 21% As Proponents Weigh In On New Developments For now, the bulls should focus on consolidating their position and stabilize the tokens movement between the $5.8-$6.3 price range as this will be their strongest platform for any upward movement. Any attempt in the short term to retake lost ground wont be enough and might give the bears an opportunity to swing the little momentum RENDER has to break through $5.8 to $5.3 in the short term. Featured image from Medium, chart from TradingView
Th Rndr (RENDER) tokn finds itslf t crossrods, cught btwn potntilly bullish tchnicl pttrn nd ongoing brish signls. A prominnt nlyst Crypto Alx rcntly idntifid n invrs hd-nd-shouldrs pttrn tht could signl significnt pric incrs for th tokn. Th invrs hd-nd-shouldrs pttrn is oftn sn s prcursor to trnd rvrsl. […]
Render (RNDR) is setting the stage for a significant upward climb, drawing considerable attention from analysts and investors alike. Despite this, RNDR recently experienced a substantial price drop, primarily triggered by Bitcoin’s sharp decline and bearish market sentiments. Over the past month, RNDR has seen a 28% decrease in value. However, the downward trend has […]
Render investors and traders continue their sell-off, following the broader markets bearish attitude. After weeks of continuous bullish action, CoinGecko data shows that the market is down a few percent, translating to losses in the altcoin market. Related Reading: Crypto Watch: Why Todays FOMC Meeting Is The Most Important Of Your Life Although the environment brought gains to a number of tokens, it dragged several tokens, like Render, to the ground. The latest market data shows that the latter is down in almost all timeframes, with the biggest loss in the monthly timeframe at nearly 25%. This presents a big question to investors and traders whether Render will continue its downward spiral. Big Things Coming For Render Jensen Huang, CEO and Co-founder of NVIDIA, recently spoke at SIGGRAPH 2024 about the effects of accelerated computing and generative AI on different industries. He also briefly mentioned the companys jump in computer graphics saying that it was the best decision the company made. Almost like NVIDIA, Renders framework as a provider of decentralized graphics and computing resources places the platform in a unique position in the world of AI. When asked about the AI revolution which started in 2022, Huang said: [And] this is really the revolutionary time that were in. Just about every industry is going to be affected by this just based on some of the examples Ive already given you. This just shows how the broader industry is pivoting towards supporting the development of AI, thus providing a bullish signal for investors on Render as the latters nature as a provider of computing resources makes them valuable for the AI space. Key moment from todays #SIGGRAPH2024 fireside with Jensen Huang and Lauren Goode: Q. Where do you draw the line between AI is augmenting and helping [artists] and this is replacing certain things that we do?https://t.co/muYWEq586d A. These tools help us be more productive. The Render Network (@rendernetwork) July 30, 2024 And traditional finance institutions recognize this potential at the crossroads of AI and crypto. Asset management firm Grayscale launched its first decentralized AI fund in the early half of this month, featuring the likes of RENDER, TAO, FIL, LPT, and NEAR. With Renders providing a valuable resource to anyone who needs computing power, their market position remains secure despite facing substantial downturns this month. More Bearish Pressure In The Offing? As it currently stands, the tokens position is quite shaky as it might push the token to lower lows following the general trend it has had since May. If the downward trend continues, the bears might push the crypto to January 2024 levels, wiping out the tokens year-to-date gains. Thus bulls should consolidate and gain control of the $6 support before any attempt upward. Related Reading: Can Bitcoin Cash (BCH) Go Up 680% This Week? This Analyst Believes So But the tokens volatility might work in the bulls favor. The current market environment is still mostly bullish, mostly by the fact that the major cryptocurrencies are in a rally, pulling the market upward. This greedy mood counters the bearishness of the current market correction, putting more emphasis on long-term gains rather short or medium-term increases. Investors and traders should then monitor the market for long-term opportunities that will support the movement of the altcoin. Featured image from Pexels, chart from TradingView
Today, the Render Network finalized its RENDER crypto AI token migration and upgrade. Following the highly anticipated rebrand, the AI token saw a positive price action, surging over 15% on the last day. Investors and market watchers expressed optimism about the rebranded token and consider it could hit $10 soon. Related Reading: Ethereum Targets Recovery: Can It Mirror Bitcoins Performance? From RNDR To RENDER Last year, the Render Network Foundation changed from Ethereum (ETH), where it was initially launched, to Solana (SOL). The move followed a community vote that passed two major upgrades for the Network. According to the announcement, the Solana switch was proposed for faster transactions, cheaper fees, and the project’s needs to achieve more ambitious goals with more on-chain data and transactions. The community also voted to rebrand the token from RNDR to RENDER, which would conclude in 2024. This month, the foundation informed users that many crypto exchanges, including Binance, Kraken, OKX, Crypto.com, and KuCoin, would automatically swap the RNDR tokens for the rebranded token on a 1:1 ratio. On Monday, the RNDR delisting from crypto exchanges began ahead of the scheduled migration on July 26. Exchanges halted most operations with the token, negatively impacting its performance over the week. Moreover, Whales seemingly contributed to the impact of the tokens price. Online reports revealed that some major holders sold their RNDR following the news, dragging the price from above the $7 support level to below the $6.5 price range. The token continued to plunge in the following days, dropping below the $6 mark, a 17% drop in four days. Nonetheless, the highly anticipated migration and listing of the new RENDER token seems to have kickstarted a price recovery. AI Token Skyrockets 17% Following Binance Listing The newly rebranded crypto AI token surged over 17% today after being listed by crypto exchange Binance. On Friday, the exchange announced that RENDER had been added to Binance Simple Earn, Buy Crypto, and Binance Convert. Additionally, it revealed that the Binance Margin and Futures options would be available today for the AI token. Meanwhile, the Auto-Invest option will be added on Monday, July 29. On that date, Kraken, the crypto exchange, will also list the RENDER and delist the RNDR. Investors and market watchers expressed their optimism over the rebrand and Binance listing. An X user claimed that, as the project begins this new era, the RENDER token with this fresh chart of around $6.5 lows has potential to reach unimaginable heights. Crypto analyst Coinboss considers that the token could do a flipperino if it has a clean break out above the $7 resistance level. A successful retest of the target could potentially lead the token to reclaim the $11 mark, further fueling a surge above RNDRs all-time high (ATH) of $13.53. Another pseudonym crypto analyst believes RENDER could reach $10 soon, stating, Thanks for the fud. See you above $10. Some users also consider that investors will regret not getting the greatest buying opportunity. Related Reading: Solanas Celebrity Tokens Down 94%, MOTHER Community Defends The Memecoin In the last 24 hours, the crypto AI token has seen a remarkable 140% surge in market activity, with $83.1 million daily trading volume. As of this writing, RENDER is trading at $6.89, a 15.6% rise in the past day. Featured Image from Unsplash.com, Chart from TradingView.com
Binance has announced the addition of Render (RENDER) to its Earn, Buy Crypto, Convert, Margin, and Futures platforms starting July 26, 2024. (Read More)
Binance has successfully completed the token swap and rebranding of Render (RNDR) to Render (RENDER), opening new trading pairs and enabling deposits and withdrawals. (Read More)
In recent crypto developments, Render (RNDR) prices have climbed, though they may face future declines due to potential selling activity. Bitcoin Cash has also experienced its ups and downs, mirroring the wider markets mood swings. In this turbulent environment, BlockDAG has surged, propelled by its high-profile collaboration with UFC Champion
According to the Render price prediction, by the end of 2030, the RNDR token price is expected to reach a maximum level of $103 (+1,450%).
The post Render Price Prediction: Is RNDR Token a Good Investment? first appeared on StealthEX.Popular crypto analyst Jonathan Carter presented an optimistic outlook regarding the price trajectory of Render (RNDR). Whereas it is currently stuck in a declining trend, Carter has stated that RNDR may be demonstrating signs of a breakout. Render Token is forming a falling wedge pattern, one of the most essential technical formations that precede reversals […]
Render (RNDR), the governance token of the distributed GPU rendering system, has seen a big rise in whale activity, which means that big investors are paying more attention. Santiment says that on July 14, the number of deals worth $1 million or more went through the roof. This made people aware that the price of [...]
The post Render (RNDR) Attracts Big Investors: $1 Million+ Whale Moves On The Rise appeared first on Crypto Breaking News.
One hour ago, wallet 0x3dfe (icrypto.ai/wallet/0x3dfed) withdrew 2.5 million $RNDR, valued at $14.96 million, from OKX and transferred the entire amount through Wormhole to swap to the Solana chain just 10 minutes ago. This significant movement occurs in the context of $RNDR undergoing a migration to $RENDER. The token migration […]
Binance announces support for the Render (RNDR) token swap and rebranding to Render (RENDER), delisting and reintroducing trading pairs on specified dates. (Read More)
Render (RNDR) has seen much interest from investors and market watchers recently, just as it appears to be on the edge of a significant breakout. In the last week, RNDR has gained close to 4%, which hints at the strength of its bullish momentum and coincides with the overall positive sentiment across the market after […]
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