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Render (RENDER) price seemed to be pulling back after a strong rebound from the lows in mid August. The price had been in a correction phase since mid March and struggled to recover.
However, the perspective seemed to be changing after the RENDER price rebounded from the demand zone in mid August. Traders and investors are eyeing a 36% surge in the price that could trigger a bullish breakout in the crypto.
At the time of writing, Render was exchanging hands at close to $5.005 with a 0.5% rise intraday.
Whales Accumulating Render Aggressively: Should You?
The RENDER/USD price chart highlights a correction phase since mid March. Render price has noted a nearly 10.8% decline a month and over 49% in the last three months.
Source: Santiment
Despite the price drop, the analysts have noted a significant development in the on-chain metrics of Render. The top addresses also referred to as whales were found accumulating Render aggressively in the last couple of months.
As per the data, whales were holding nearly 51.5% of the total supply in the first week of July which now has surged to 71.5% indicating a 20% jump in the whale holdings in the recent months. A significant jump in whale holdings indicate a possible recovery in the price.
Additionally, the social metrics curve including social dominance and social volume curve were headed upwards indicating an addition in the participation of social media users.
Can Render be A Good Asset To Invest In September?
Despite the recent efforts by the bulls In the last couple of weeks, the long term trend outlook still favors the sellers side. Render price needs and additional 35% boost from current market price in order to validate a bullish trend in the long term as well.
Source: TradingView
The short term trend outlook shifted to the bullish side after the price surpassed the key Exponential moving averages of 20 and 50 days. As of now, the price seemed to be pulling back in order to retrace the previous breakout zone.
On the higher side, Render price could surge till $6.85 level indicating a potential of nearly 35%. However, it requires the addition of bulls at the lower levels.
If the price fails to make a bounce back from lower levels, it may invite the sellers to drag the price towards the lower levels of $4.5 and $4. The long term trend is bearish which may invite sellers to go high until the price claims bullish territory.
The technical indicators RSI and MACD are leaving a positive note in the short term trend with a possible recovery in RENDER price.