Despite Render (RENDER) experiencing lackluster price performance recently, the decentralized GPU platform and cryptocurrency known as the ‘Nvidia of crypto’ for its similarities to the blue-chip giant Nvidia (NASDAQ: NVDA) have garnered whale confidence. Recent data from Santiment, a crypto market intelligence platform, revealed unusual price movements in Render and other altcoins like Injective (INJ) and Polygon (MATIC) following significant transfers by large traders. These anomalies signal both short and long-term positive indicators according to Santiment analysts.
Transferring a crypto asset from an exchange to offline storage, or ‘cold’ storage, indicates strong confidence in the asset. For Render, a substantial transfer of whale coins to cold wallets occurred on July 21, suggesting that significant holders are likely holding onto their tokens for the long term. This reduced selling pressure on exchanges, potentially contributing to future price growth.
Although Render may face resistance levels at $5.375 and $5.839, with support at $4.626 and $4.092, breaking these levels could signify further downside potential. Notably, the analyst D0c Crypto predicts a potential price movement towards the Golden Pocket range or the daily demand zone for Render.
Amidst price fluctuations, Render is currently trading at $4.83, showing a temporary decline in the short term. However, long-term bullish sentiments from whales indicate confidence in the asset’s future prospects. It is essential to conduct thorough research and be cautious when investing in the dynamic crypto market.