Render Token has been experiencing significant selling pressure due to a decline in daily active and new addresses. This trend has contributed to negative sentiment and potential price drops.
Points
- Render Token sees an 84% drop in unique addresses and a 77% decrease in new addresses.
- Increased selling pressure may push the price to test support levels.
- A resurgence in demand could lead to a rebound.
Introduction
Render Token （RENDER） has been under significant selling pressure recently, marked by a notable decline in daily active and new addresses. This trend has raised concerns about the token’s future price movements and market sentiment.
Decline in Market Interest
According to market data from IntoTheBlock, Render Token has seen an 84% drop in unique addresses transacting with the token and a 77% decrease in new addresses created for altcoin transactions. This sharp decline in market interest has contributed to negative sentiment surrounding the token’s price.
Potential Price Movements
The increased selling pressure is likely to push RENDER’s price to test its support level at $5.70. If the selling continues without a counterbalancing increase in buying activity, the price could fall further to around $5.66. Conversely, a resurgence in demand and accumulation could lead to a rebound, aiming for the resistance level at $7.45.
Key Indicators to Watch
Investors should closely monitor changes in the number of active and new addresses as indicators of market interest. Additionally, whale activity, which refers to addresses holding more than 0.1% of the asset, can signal increased selling pressure or accumulation among large investors.
解説
- Market Dynamics: The significant decline in daily active and new addresses indicates reduced market interest in Render Token. This trend can lead to increased selling pressure and potential price drops.
- Support and Resistance Levels: Monitoring the support level at $5.70 and the resistance level at $7.20 is crucial for predicting potential price movements. A break below the support level could signal further declines, while a break above the resistance level could indicate a recovery.
- Whale Activity: The net flow of large holders can provide insights into market sentiment. Increased selling by whales can amplify downward pressure on the token’s price, while accumulation by large investors can signal a potential rebound.