In spite of Render (RENDER) experiencing lackluster recent price performance, the decentralized graphics processing unit (GPU) platform and cryptocurrency known as the ‘Nvidia of crypto’ due to similarities with Nvidia (NASDAQ: NVDA) have instilled confidence in large traders. Data from Santiment, a crypto market intelligence platform, revealed that Render and other altcoins like Injective (INJ) and Polygon (MATIC) observed price anomalies following transfers of whale exchange wallet supply to cold wallets. These anomalies are seen as strong signals for both short and long-term trading.
Transferring a cryptocurrency asset from an exchange to cold storage signifies high confidence in the asset, as evidenced by a substantial movement of Render’s whale coins to cold wallets on July 21. This indicates that large holders may intend to hold onto their tokens for an extended period, potentially leading to price growth by reducing immediate selling pressure on exchanges.
Crypto trading expert D0c Crypto predicts that Render may face resistance levels at $5.375 and $5.839, with support at $4.626 and $4.092. Despite potential short-term challenges, the analyst remains optimistic, advising followers to dollar-cost average daily and anticipate a significant uptrend in the fourth quarter.
Render’s current price stands at $4.83, reflecting a slight decline over the previous 24 hours and a decrease of 8.06% in the past week but showing a positive trend of 5.97% in the last month. While whales are optimistic about Render’s future, market conditions can change rapidly, underscoring the importance of conducting thorough research before investing in cryptocurrencies. Please note that the content provided should not be taken as investment advice, as investing carries inherent risks.