Render [RENDER] has been trading within a symmetrical triangle pattern for the past three months, indicating uncertainty among investors.
During this period, a crucial uptrend line has consistently held strong as support, facing multiple tests without being breached.
With whale activity skyrocketing by 4843%, as reported by IntoTheBlock, traders are eagerly observing if this surge could propel the price above the current resistance levels.
Source: IntoTheBlock
Market Caution Reflected in Render’s Long/Short Ratio
The long-short ratio has been steadily decreasing over the past three days, pointing towards a rise in short positions in the market. At present, the ratio sits at 0.9223, indicating a bearish sentiment.
This shift in market positioning may imply that traders are cautious, potentially contributing to the price struggling to surpass key resistance levels.
Source: Coinglass
Stability Indicated by Funding Rates
Based on data from Coinglass, the OI-Weighted Funding Rate chart for RENDER has demonstrated intriguing developments from September 2 to October 9.
Following a drop to $5.00 in mid-September, the price recovered and stabilized around $5.50. The funding rate has also shown stability, suggesting a balanced market with reduced fluctuations in trader positioning.
This equilibrium indicates that both bullish and bearish participants are waiting for a significant catalyst to break the current trading range.
Source: Coinglass
Anticipating a Breakout Triggered by Whale Activity on Render
The combination of heightened whale activity and a resilient ascending trendline support presents an intriguing scenario for Render.
Conversely, a continual decline in the long-short ratio and a stagnant funding rate could signify a potential breakout in the coming days.
These critical metrics—such as volume, funding rates, and the long/short ratio—will serve as crucial indicators of whether whale interest can prevent Render from experiencing further downtrends.