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The render price increased by more than 10% in the past 24 hours, consolidating the location as the largest capitalization of the market, surpassing rivals like FET and Tao. However, despite the recent increase, on-chain data showed many signs of contrary to its future.
The operation of the “whales” has reached the lowest level since December 2022, and the BBTREND indicator has turned to negative, suggesting the weakened momentum. With EMA lines showing both the possibility of increasing and decreasing, render faces an important time that can lead to a new peak or significant adjustment.
Render whale has reached the lowest level since 2022
Although the render price has increased by 56% in the past 30 days, with the market capitalization nearly reached US $ 5 billion, the largest of the artificial intelligence currencies, the whale’s operation for another picture. The number of addresses held from 100k to 1 million render has decreased to 151, the lowest level since December 2022.
This decline shows large investors, also known as “whales,” not accumulated in the recent price rise period, which can signal the lack of trust in the prolonged increase. Lack of whales support, this increase may have difficulty maintaining strength, making render prone to sell off.
Tracking whale activities is very important because they often play a key role in leading the market trend. Their buying activity may signal optimistic psychology, while selling or non -accumulated activities may predict price adjustments. The steady reduction of render whale addresses in the past few weeks emphasizes a worrying trend.
This implies that big investors may be reducing their position, the ability to limit prices in the short term. If this model continues, the render price may face high selling pressure and have difficulty maintaining the current motivation.
Render’s bbtrend is currently negative
The bbtrend index of the render is currently -4.13, marking the lowest level since November 29. After actively maintaining from 7 to 10 December, where peaked 17.6 on December 8, BBTREND has turned to negative.
This shift shows that the render has been from growth to decrease, reflecting the decline in momentum and increased decrease in pressure.
Bbtrend, or the bollinger strip trend, measure the strength and direction of a bollinger strip price trend. The positive value of BBTREND refers to a strong increase, while the sound value signals the decline.
With the render’s bbtrend, the price may face difficulties in maintaining a rising momentum. If the negative psychology lasts in the short term, this can lead to convergence or continued decrease trend.
Render price prediction: 10 USD or 8 USD next?
Render’s average lines (EMA) of the render give a mixed prospect. The shortest EMA line has recently cut down in the longer road, signaling the momentum to increase or decrease. However, it has begun to rise again and may soon cut it up, only a positive reversal ability.
If this active cut occurs, it is possible to stimulate the new purchase demand, pushing the render price to test the resistance at 10.8 USD. Overcoming that level can push the price to 11.9 USD, increasing the market capitalization to approximately US $ 6.2 billion.
Despite this ability, data from whales and BBTREND shows the decline is forming. A decrease trend can lead to support price renders at $ 9.2, and if that level does not hold, the price may be reduced by 8.2 USD or even $ 7.1.
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