đ„ Render Token Faces Increased Selling Pressure
The recently rebranded Render (RENDER) token has been oscillating within a defined price range since early July. Although the broader market has seen an upward trend, Render has faced diminished demand, potentially threatening its support levels. The tokenâs price has been confined within a horizontal channel, defined by resistance at $7.20 and support at $5.70. This price movement reflects a balance between buying and selling pressures. However, recent data indicates an upsurge in selling pressure, which may push the price below these established support levels.
đž Why Is Render Token Struggling?
Market data from IntoTheBlock shows a significant decline in the number of daily active and new addresses for Render last week. Specifically, there has been an 84% drop in unique addresses transacting with the token and a 77% decrease in new addresses created for altcoin transactions. This trend indicates a broader decline in market interest and may contribute to negative sentiment surrounding the tokenâs price.
Additionally, whale investors, who hold more than 0.1% of the asset, have also shown caution. The net flow of tokens among these large investors has plummeted by 99%, suggesting that they are offloading their holdings. This increased selling activity among major holders further compounds the downward pressure on RENDERâs price.
đž Whatâs Next for Render Token?
Should the current selling pressure persist, RENDERâs price is likely to test its support level and may even fall below it. According to chart analyses, the price could drop to around $5.66 if the selling continues without a counterbalancing increase in buying activity. Conversely, if the token sees a resurgence in demand and accumulation, it could rebound and aim for $7.45, surpassing its current resistance.
