Render Protocol Price Soared by Over 40% in the Past Week, Are Whales and Smart Money Accumulating RNDR?

The post Render Protocol Price Soared by Over 40% in the Past Week, Are Whales and Smart Money Accumulating RNDR? appeared first on Coinpedia Fintech News

The crypto market dynamics appear to be shifting constantly as traders’ interest in the tokens is changing profusely. Bitcoin price remained the first choice for a pretty long time but with the introduction of new projects with contemporary use cases, market participants now have more choices to make. One such project, Render Protocol, has received a great response from traders, propelling the price of its native token, RNDR, towards new highs. 

Recently, reports of whales accumulating Bitcoin have made huge rounds, which marked highs in the past couple of weeks. This appears to have kept the BTC price within a range bound for quite a long time. However, similar whale activity has been recorded with the Render Protocol, which is speculated to have had a major impact on the RNDR price. 

One of the popular on-chain analytical platforms, Lookonchain, has recorded some interesting whale activity, which suggests the uptrend could prevail for a long time. 

2/ 0x15CF withdrew 748,898 $RNDR($5.3M) from #Binance on Apr 30 and May 1, with a current floating profit of $2.24M.

He had traded $RNDR 7 times before, 6 of which were profitable, with a win rate of 85.7% and a total profit of $3.5M!https://t.co/Uzwjdhtspy pic.twitter.com/TnMT1D2OuS

— Lookonchain (@lookonchain) May 8, 2024

The whale activity appears to have surged in recent times as the whales have been constantly withdrawing millions worth of RNDR from the centralised exchanges. Interestingly, these traders have always been in profit, suggesting the token is maintaining an ascending consolidation. 

After undergoing a brief correction, the RNDR price is gearing up to surpass the current highs at $13.60. The bearish impact may soon wane as the lead spans A & B of the Ichimoku cloud are converging at a point, which may result in a bullish crossover. Besides, the RSI has been ranging high, regardless of the bearish impact that hindered the progress of the rally in between. 

Therefore, the Render Protocol (RNDR) price may reach the upper resistance zone between $13 and $13.65 after surpassing crucial levels at $11.95. This move may attract fresh liquidity, which may further assist the rally to form a new ATH above $15 initially and later test new highs.