- Render’s price has fallen 15% in three days, yet 70% of holders continued to make profits at the time of writing
- Altcoin’s large transactions have shrunk, raising concerns about market momentum
Render recorded a sharp 15% price drop on the daily chart, reflecting broader market uncertainty. Interestingly, 70% of RNDR holders attended gain at press time. This suggested that a significant portion of holders are still in their long positions.
However, it raises questions about how long this profitability can last. Especially now that the altcoin is technically and fundamentally approaching a critical support level.
The profitability measure is a double-edged sword. On the one hand, it highlighted a resilient investor base. On the other hand, it can create selling pressure as profitable holders try to lock in their profits.
Both dynamics make the upcoming support level at $8.26 crucial for RNDR’s short-term prospects.
Source TradingView
RNDR whales and trading activities are shrinking
Although profitability is still high, Render’s whaling business is starting to show some signs of exhaustion. For example, according to data from IntoTheBlock, large transactions have dropped significantly by 79% in the last 24 hours.
Source: IntoTheBlock
Such a sharp decline in whale participation could indicate low confidence among the major players, something that often precedes long-term bearish trends.
At the time of writing, retail activity also appeared to be cooling. For example, the number of active addresses fell by about 2% over the same period. Although this decline is modest, it appears that enthusiasm among smaller investors has waned.
Source: intoTheBlock
Taken together, these numbers paint a picture of a market that is gradually losing momentum.
The price of RNDR is now approaching key support levels
As Render’s price continues to decline, all eyes seem to be on the key support level at $8.26. Historically, this level acted as a psychological barrier where buyers could intervene to prevent further losses.
However, if this level fails, it could open the floodgates for further declines. The 70% of Render holders who are still making a profit will play a crucial role here. If they decide to maintain the price correction phase, this could strengthen the critical support level.
Alternatively, a wave of profit-taking could push the price further down.
In addition to the above technical and on-chain metrics, the 162.34k pool of positions liquidated at $8,269 gave a green signal of a potential price reversal to a potential rally.
Source: Coinglass