Render Price is suffering the wrath of its investors, who decided to offset their losses early on by selling heavily.
The offloading that began with the whales is now extending to long-term holders, worsening the situation.
Render Investors Are Bearish
Render price under $7.0 needs a major boost to break past the barrier. However, the market and investors do not share this sentiment. Signs of this first came from the whale addresses, which opted to sell their holdings.
Addresses holding between 1 million and 10 million RENDER have sold close to 30 million RENDER worth over $191 million. This offloading took place within the last week, and before the market could recover, it reached a crucial cohort of investors.
The age-consumed metric is seeing a huge spike at the moment, which shows that long-term holders are moving their holdings around. The age consumed metric measures the total number of coins changing addresses on a given date, multiplied by the number of days since they last moved. It highlights the activity of older, dormant coins in the market.
Read More: How To Buy Render Token (RENDER) and Everything You Need To Know
These spikes are considered a bearish sign since they show a lack of conviction among the investors. This lack of conviction and confidence translates to a price drop, consequently extending the losses of RENDER holders.
Combined, these metrics show the bearish sentiment pupating between two of the most important groups of investors. Naturally, the RENDER price will take a hit.
RENDER Price Prediction: The Big Barrier
The RENDER price, trading at $6.5, has been stuck under the $7.0 barrier for three weeks. The aforementioned factors further worsen the chances of a breach. Along with the 7% drop from the last 24 hours, a drawdown is the more likely outcome for the altcoin.
RENDER could note a decline to $5.9, the lowest point the altcoin has reached in the last five months. A decline below this support floor is unlikely, translating to consolidation for the foreseeable future.
Read More: Render Token (RNDR) Price Prediction 2024/2025/2030
However, if the crypto asset manages to breach the $7.0 barrier propelled by the launch of spot Ethereum ETFs, the bearish thesis could be invalidated. This could initiate recovery beyond $7.5 and towards $8.0.
The post RENDER Price Drops as Whales Sell 30 Million Tokens in a Week appeared first on BeInCrypto.
