At the current moment, the price of Render [RNDR] stands at $6.73, reflecting a minor decrease of 0.58% over the past 24 hours. Market data from CoinMarketCap highlights a 24% reduction in trading volumes, indicating a downturn in market engagement.
Despite experiencing a notable 51% surge in 2024, RNDR faces a bearish trajectory in the long run, potentially impacting its price dynamics in 2025.
Analyzing Render’s Descending Triangle Formation
Observing Render’s one-day chart reveals a descending triangle pattern, signaling a clear downward trend.
Moreover, the On-Balance-Volume (OBV) indicator’s decline corroborates the downward movement primarily driven by selling pressure. Failure from buyers to step in might impede any possibilities of a recovery.
Analysis of the Moving Average Convergence Divergence (MACD) line points towards a bearish momentum, staying below the signal line. However, diminishing bearish strength, as indicated by the histogram bars, might pave the way for price stabilization.
Notable price levels include a support level at $6.60, breach of which could initiate further declines. Conversely, strong resistance is seen at $7, and a breakthrough could signify a bullish reversal.
Surge in Whale Activity
Despite prevalent bearish trends, there is an uptick in whale activity within the Render ecosystem. Insights from IntoTheBlock data illustrate a substantial rise in transactions above $100,000 over the last 48 hours, climbing from 148,460 RNDR to 866,180 RNDR.
Although this surge doesn’t confirm buying, it could heighten price volatility due to whales holding 76% of the total RNDR supply.
Nevertheless, whale engagement remains relatively subdued compared to recent highs. A significant spike in activity, whether by buying or selling, could precede substantial price shifts.
Diminishing Network Engagement and Its Impact
Figures from TokenTerminal point towards a noticeable drop in activity on the Render network. Active weekly addresses are nearing a two-month low, witnessing a 50% dip in December 2024.
Simultaneously, the total transaction count has fallen to 270, underscoring reduced network utilization.
If the Render network fails to attract fresh users, the recovery prospects of the RNDR token from bearish trends might be severely impacted.
Factors Influencing Render’s Recovery in 2025
The potential return of RNDR from bearish trends in 2025 hinges on two critical elements: increased buying activity and network engagement. A resurgence in buyer interest and a reduction in selling pressure could spell good news for RNDR.
Furthermore, a surge in network activity could stimulate buyer participation and elevate market involvement.