RENDER's price has increased by 48% in the past month, solidifying its position as the largest artificial intelligence coin by market capitalization at $4.1 billion. It is currently leading against its closest competitors, TAO, FET, and WLD, reflecting growing interest in AI-focused assets.
However, despite this impressive upward momentum, whale activity has decreased and weakening trend indicators suggest potential challenges ahead. Whether RENDER can maintain its upward trend or face a reversal depends on how market confidence develops in the coming days.
Whales are not accumulating RENDER
RENDER is struggling to attract whale interest, as the number of holders with balances between 100,000 and 1,000,000 coins has significantly decreased since early November.
This figure started at 218 on November 1 and has decreased to 177, marking a significant decline in large holders despite recent market activity.
RENDER holders with balances between 100,000 and 1,000,000 coins. Source: Santiment
This trend is notable because whales typically play a crucial role in driving and maintaining price increases. Even though RENDER's price has increased by 48% over the past month, the decreasing number of whales indicates a lack of confidence among major investors.
This may indicate that the recent gains could face challenges in maintaining an upward trajectory without strong support from large holders.
RENDER BBTrend remains positive
BBTrend for RENDER is currently around 6.4, recovering from a recent low of 1.7 on November 19.
Despite reaching a three-month high of 29.7 on November 14, this indicator has decreased significantly, reflecting a loss of momentum after peaking.
RENDER Bollinger Bands trend. Source: TradingView
BBTrend measures the strength and direction of a trend by analyzing Bollinger Bands, with positive values indicating an upward trend and negative values signaling a downward trend.
Although BBTrend for RENDER has been positive since November 8 and is currently showing signs of recovery, it is still much lower than the mid-November highs. This suggests that while the upward trend is not over, its current strength is relatively weak, indicating potential hesitation in sustaining further bullish momentum.
RENDER price prediction: Will it soon return to $5?
RENDER's EMA lines are currently showing a bullish setup, with short-term lines above long-term lines and the price trading above all of them.
RENDER price analysis. Source: TradingView
If the upward trend resumes, RENDER's price could test resistance at $8.29, with additional potential to rise to $9.47, marking the highest price since May and establishing RENDER as the largest artificial intelligence coin in the market.
On the other hand, metrics like BBTrend and whale activity indicate weakening confidence. If the trend reverses, RENDER could test support levels at $6.3 and $5.8, and if they do not hold, the price may drop to a low of $5.0.