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Render (RNDR) Price Analysis: Fresh 2024 Highs Likely Due to This Reason


Although Render’s (RNDR) price is not observing explicit bullishness on the charts, it is seeing a lot of hype from investors.

This could result in the cryptocurrency noting new highs for 2024, setting it up for further rise.

Render Investors Take the Bullish Route

Render price trading under $11 failed to breach the resistance marked at $11.24, resulting in some pullback in price. But this did not seem to discourage RNDR holders who have been actively bullish towards the altcoin.

According to the supply on exchanges, about 2 million RNDR worth over $21.8 million have moved out of the exchanges. Investors purchased this supply in the last four days, even though RNDR was painting red on the charts.

Render Supply on Exchanges.
Render Supply on Exchanges. Source: Santiment

But it’s not just accumulation that is a positive development; the conviction among investors is rising, too. This is evinced by the plunge in active deposits, which highlights the intention of selling among RNDR holders.

Render Active Deposits.
Render Active Deposits. Source: Santiment

At the time of writing, the active deposits are at a two-month low, which shows that the potential of selling has gone down. This would support an increase in price.

RNDR Price Prediction: New Highs Await?

Render price hit a high of $13 earlier this month, nearly touching $14 during the intra-day high, marking the year-to-date high. If the investor’s bullishness persists, RNDR might have another shot at forming new 2024 highs.

In order to make this happen, Render price would need to flip the resistance of $11.24 and $12.58 into support. This would enable a further rise in price.

RNDR/USDT 1-day chart.
RNDR/USDT 1-day chart. Source: TradingView

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However, if RNDR fails to breach the resistance levels again, it might lose the bullish momentum and witness a decline that could pull it down to $10.2. Losing this level would cause a major correction in price, potentially sending it to $8 and resulting in the invalidation of the bullish thesis.

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Conclusion

In conclusion, Render (RNDR) is currently experiencing a lot of investor excitement and bullish sentiment despite not showing explicit bullishness on the charts. The recent movement of 2 million RNDR tokens worth $21.8 million out of exchanges indicates strong buy-in from investors. Additionally, the decrease in active deposits suggests reduced selling pressure, which could support a price increase. If Render manages to flip resistance levels at $11.24 and $12.58 into support, it may have a chance to reach new highs for 2024. However, failing to breach these levels could lead to a decline and potential correction in price, invalidating the bullish thesis.

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