In the recent period, despite lackluster price performance, Render (RENDER), a decentralized graphics processing unit (GPU) platform and cryptocurrency referred to as the ‘Nvidia of crypto’ due to its resemblance to Nvidia (NASDAQ: NVDA), has attracted confidence from major investors. According to data from Santiment, a crypto market intelligence platform, Render, along with other altcoins like Injective (INJ) and Polygon (MATIC), experienced unusual price movements linked to significant transfers by large traders. This shift of funds from exchange wallets to cold wallets is viewed as a positive indicator by Santiment analysts, suggesting promising outcomes in both the short and long terms.
The movement of a cryptocurrency from an exchange to a cold storage indicates strong belief in the asset. In the case of Render, a notable shift of whale coins to cold wallets on July 21 signaled a vote of confidence in the long-term potential of the asset. This transition reduces immediate selling pressure on exchanges, potentially paving the way for price appreciation. Despite observations indicating potential resistance levels and downward trends in Render’s price movement, the outlook remains positive, with expectations of a significant rise in the fourth quarter.
Render is currently priced at $4.83, showing a slight decrease in the past 24 hours and a drop over the previous week, coupled with a rise over the last month. While short-term price fluctuations may not be remarkable, the confidence shown by large investors in Render’s future prospects indicates optimism. Nonetheless, it is essential for investors to conduct thorough research as trends in the crypto market can swiftly change.
This article originally appeared on Finbold and discusses the encouraging signals in Render’s market sentiment as highlighted by the recent bullish moves by prominent investors.