In spite of its recent lackluster price performance, Render (RENDER), a decentralized platform for graphics processing units (GPUs) and a cryptocurrency known as the ‘Nvidia of crypto’ due to parallels with Nvidia (NVDA), has garnered significant confidence among large-scale investors.
According to data from Santiment, a cryptocurrency market intelligence platform specializing in blockchain and social metrics, Render and other altcoins such as Injective (INJ) and Polygon (MATIC) experienced unusual price movements following transfers from whale exchange wallets to cold storage wallets, prompting analysts to view these anomalies as valuable signals for both short and long-term trading.
The shift of significant amounts of Render coins to cold wallets on July 21 suggests strong backing for the asset, signaling a potential long-term holding strategy by major stakeholders. This reduced selling pressure on exchanges could pave the way for price growth as confidence in the asset’s future prospects strengthens.
On a different note, crypto expert D0c Crypto highlighted a potential price movement for Render, indicating that failure to breach resistance at $5.375 could push the asset towards lower levels such as the Golden Pocket between $4.49 and $4.626 or the daily demand zone between $4.26 and $4.37.
While Render currently trades at $4.83, marking a slight decline in the past 24 hours and a downward trend over the previous week, it has recorded a positive uptrend of 5.97% in the last month based on recent Finbold data. Despite near-term price fluctuations, the bullish sentiment from large investors suggests a positive outlook for Render’s future, although market trends can swiftly change, necessitating thorough research before making investment decisions.