RENDER price increased more than 10% in the past 24 hours, consolidating its position as the AI coin with the largest market capitalization, surpassing competitors such as FET and TAO. However, despite its recent surge, on-chain data shows mixed signs about its future direction.
Whale activity has reached its lowest level since December 2022, and the BBTrend indicator has turned negative, suggesting weakening momentum. With the EMAs showing both upside and downside, RENDER faces a critical juncture that could lead to new highs or a significant correction.
RENDER Whales Hit Lowest Level Since 2022
Although RENDER price has increased 56% in the past 30 days, with a market capitalization approaching $5 billion, the largest among artificial intelligence coins, whale activity paints a different picture. The number of addresses holding between 100K and 1 million RENDER fell to 151, the lowest since December 2022.
This decline suggests that large investors, or “whales,” are not accumulating during the recent price rally, which could signal a lack of confidence in the sustained rally. Lacking whale support, this rally may struggle to maintain its strength, leaving RENDER vulnerable to a sell-off.
Monitoring whale activities is important as they often play a key role in driving market trends. Their buying activity could signal bullish sentiment, while selling or non-accumulation could predict price corrections. The steady decrease in RENDER whale addresses over the past few weeks highlights a worrying trend.
This implies that large investors may be reducing their positions, potentially limiting price upside in the short term. If this pattern continues, RENDER price could face increased selling pressure and have difficulty maintaining its current momentum.
RENDER’s BBTrend Is Currently Negative
RENDER’s BBTrend index is currently at -4.13, marking the lowest level since November 29. After remaining positive from December 7 to 10, where it peaked at 17.6 on December 8, BBTrend turned negative.
This shift shows that RENDER has gone from a growth phase to a decline, reflecting a loss of momentum and increased downward pressure on prices.
BBTrend, or Bollinger Band Trend, measures the strength and direction of a price trend using Bollinger Bands. Positive values of BBTrend indicate a strong upward trend, while negative values signal downward momentum.
With RENDER’s BBTrend turning negative, the price may face difficulty in maintaining upward momentum. If negative sentiment persists in the short term, this could lead to a convergence or continuation of the downtrend.
RENDER Price Prediction: 10 USD Or 8 USD Next?
RENDER’s Exponential Moving Averages (EMA) lines present a mixed outlook. The shortest EMA recently crossed below the longer one, signaling an increase or decrease in momentum. However, it has started to rise again and could soon cross upwards, pointing to a possibility of a positive reversal.
If this positive cross occurs, it could stimulate new buying demand, pushing RENDER price up to test resistance at $10.80. Breaking above that level could push the price to $11.90, increasing the market capitalization to approximately $6.2 billion.
Despite this possibility, data from whales and BBTrend shows that bearish momentum is building. A downtrend could lead RENDER price to test support at $9.2, and if that level fails to hold, the price could fall further towards $8.2 or even $7.1.