The price of Render （RENDER） has dropped significantly as large holders, or whales, sold 30 million tokens worth over $191 million in the past week. This sell-off has extended to long-term holders, worsening the situation.
Points
- Whales sell 30 million RENDER tokens worth over $191 million
- Significant price drop to under $7.0
- Bearish sentiment among investors
- Age-consumed metric spikes, indicating long-term holders moving assets
- Potential decline to $5.9 if bearish trend continues
Render （RENDER） has faced a significant price drop as large holders, known as whales, sold 30 million tokens worth over $191 million in the past week. This substantial sell-off has extended to long-term holders, further exacerbating the situation.
The offloading of RENDER tokens began with whale addresses and has now reached long-term holders, creating a bearish sentiment among investors. The age-consumed metric, which measures the total number of coins changing addresses multiplied by the number of days since they last moved, has seen a significant spike. This indicates that older, dormant coins are being moved, a bearish sign showing a lack of conviction among investors.
Currently trading at $6.5, RENDER has struggled to break past the $7.0 barrier for three weeks. The recent 7% drop over the last 24 hours further complicates its chances of a rebound. If the bearish trend continues, RENDER could decline to $5.9, the lowest point it has reached in the past five months. However, if it manages to breach the $7.0 barrier, it could invalidate the bearish thesis and initiate a recovery toward $7.5 and $8.0.
解説
- Whale activity: Large holders selling significant amounts of RENDER tokens have led to a substantial price drop.
- Bearish sentiment: The sell-off extending to long-term holders indicates a lack of confidence and further pressures the price.
- Age-consumed metric: A spike in this metric suggests older coins are being moved, a bearish indicator in the market.
- Price outlook: If the bearish trend continues, RENDER could decline to $5.9, but breaching the $7.0 barrier could lead to a recovery.