Following an attention-grabbing weekly bull run illustrated by RNDR's price, surging 27%, the Render token appears to have encountered a setback today. Here's what might have caused the price to tumble.
HIGHLIGHTS
RNDR price slips today, piquing investor attention as it follows a 27% weekly price rally.
The price slip comes riding along a market maker's massive RNDR deposit to Binance.
RNDR reflects optimism for its long-term prospects.
In an unprecedented turn of events, RNDR, the native token of the Render Network, illustrated signs of a pullback today, May 11, following a phenomenal bull run witnessed over the past week. After rallying 27.30% in the past seven days, RNDR’s price slipped nearly 3% in the past 24 hours, falling in line with a stockpile of market statistics.
Here’s a closer look into these metrics and what the Render token’s long-term prospects look like.
Market Maker Dumps Colossal Amounts of RNDR
In a post shared by the on-chain analytics platform ‘The Data Nerd,’ it was brought to light that address 0x537, reportedly linked to GSR Markets, a renowned digital asset market maker, deposited a staggering 500,000 RNDR, worth $5.56 million, to Binance. This action appears to have primarily influenced the token’s current price movement, pulling it into the red territory.
Notably, the address still holds 550K RNDR tokens worth $6.07 million.
7 hours ago, the 0x537 (belongs to @GSR_io) just deposited 500k $RNDR (~$5.56M) to #Binance
Just now, this wallet still has 550k $RNDR (~$6.07M).
Address:https://t.co/1XJH8YuQpd pic.twitter.com/jYCYYuSikO
— The Data Nerd (@OnchainDataNerd) May 11, 2024
Meanwhile, it’s worth mentioning that the remarkable weekly gains illustrated by the Render token comes alongside a phenomenal spike in whale activity, which triggered a rising price action for the crypto. Further, the recent rise in AI and Big Data projects has additionally injected a bullish trend in the AI coin.
Collectively, this data has ignited market sentiments of short-term volatility, with the token’s long-term price movements eyeing greater heights despite today’s slip.
RNDR Price Dips, What’s Next?
As of writing, RNDR’s price has slipped 3.50% in the past 24 hours and is currently trading at $10.93. The AI token’s market cap fell 3.81%, reaching $4.24 billion, followed by a 24-hour trading volume plunge of 15.09% to $458.78 million.
Coinglass data illustrates that RNDR’s open interest dipped 1.99%, reaching $183.09 million, whereas derivatives volume dropped 6.41% to $734.18 million. Underscoring loss of investor interest and reduced market activity, this further rationalizes the token’s today’s tumbled movement.
Meanwhile, the RSI hovered at 65, with a buying sentiment prevailing within the market. This hinted that the token has yet to reach overbought territory, with potential gains lying ahead. Conversely, the market may witness a price correction if an overbought territory is reached.
On the other hand, with the coin gaining roughly 27% over the past week, sentiments of a due price correction already loom.
