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Despite the broader market recovery, Render has failed to attract investors and was accumulating near the lows. However, recent sessions suggest bullish pressure pushed the price past the 20 and 50-day exponential moving averages.
At the time of writing, Render was exchanging hands close to $5.5 level, indicating a mild 1.44% intraday loss. The price performance indicates a 7% weekly gain in the last few sessions which has brought hopes of a bullish breakout and improved price for the investors.
However, one more thing could wave off worries of the investors and that is the accumulation by the whales in Render for the last one month. Despite last month’s muted performance, analysts have noted increased activity by the whales in Render.
Let’s analyze it in detail and try to find out whether Render is preparing for some explosive move in October.
Whales On-Loading Render: Time to Buy the Dip?
Render is one of the leading decentralized GPU compute platforms for various digital creation work. Its application ranges from 3D rendering to machine learning and generative AI. With a market capitalization of $2.8 Billion, Render stands at 32nd in the crypto space.
Despite consolidation, the analysts have observed a notable shift in a few on-chain metrics which increases the possibility of a bullish breakout. As per Santiment, an on-chain analytics provider, whales were holding nearly 70.2% of the total supply which has increased to 72.26% over the past month, indicating significant whale activity.
Over the past month, the whales have added over 10.64 Million RENDER tokens worth $57.46 Million to their portfolio. Whales are the players with large amounts of investment and more resources, hence they tend to be on the right side of the trend for most of the time.
Additionally, the MVRV ratio curve has improved in the recent sessions, indicating more investors are tuning profitable. The 7 day MVRV ratio was 11.65% and 30 day MVRV ratio was 8.3% suggesting the investor’s portfolio turning green.
Is Render All Set For a Strong Break Out in October?
Looking over the price chart, Render had been in a correction phase for the last three months and dropped over 58% from its annual high of $13.6. The recent Fed interest rate cut has triggered a new hope of optimism, however, Render has failed to break out of consolidation.
On the higher side, the $6.37 level has been acting as a strong supply zone and preventing significant price gains. A break above the $6.37 level may validate a bullish trend shift and the crypto may join the recovery wave in the market.
Currently, RENDER price is hovering between the 50 and 200 day EMAs. A breakout or breakdown on either side of the EMA might confirm the trend outlook which is sideways at the moment.
With all the other metrics suggesting a bullish breakout in the short term, the technical indicators RSI and 14-day SMA line depict a positive crossover indicating a bullish continuation. However, traders and investors need to keep a closer look at the price movement in the short term.