Render Whale Activity Rising – What’s Next for RNDR Price?

•  Increased whale activity hints at institutional interest.
• RNDR network activity shows remarkable growth.
• RNDR’s price needs a breakout above $6.70 for a bullish trend.

According to Santiment data , Render (RNDR), the native token of the distributed GPU rendering system, experienced a significant increase in whale transactions valued at $1 million or more, specifically on July 14, suggesting a potential bullish trend.

Historically, increased whale activity has correlated with price increases, suggesting that RNDR’s price could shift from bearish to bullish.

Render Whale Activity 

Looking at the whale transaction count above 1 million , we can see a notable uptick around July 12, when RNDR’s price fell to its lowest point since February. At its highest spike, it reached six transactions but was around four yesterday, July 14.

Network activity on Render has also shown remarkable growth over the past week. Active addresses  jumped by 100%, and new addresses increased by 86.09%. On July 12, it was nearly 3,000. At press time, the number hovered at 2,667.

RNDR’s exchange flows  turned negative today, spiking to negative 900,000 RNDR. At the time of writing, it was slightly above and was sitting at a negative 61,000 RNDR. However, this is still small compared to its July 12 spike of a negative 2.38 million RNDR.

Negative exchange outflows mean that investors accumulate as they withdraw from exchanges into their private wallets. This activity usually precedes a price increase as the token supply circulation diminishes. 

RNDR Price Analysis 

Since hitting a low of $3.50 on January 26, the price of RNDR has been experiencing a parabolic rise, reaching an all-time high of nearly $14 on March 17.

Analyzing the wave structure suggests Render(RNDR) was in the final stage of a higher-degree five-wave impulse, which was confirmed by the subsequent drop to $6.50 on April 13. This marks the beginning of its corrective phase, with an initial target of $7 being met, followed by a bounce to $11.50 on May 13.

However, another downturn was seen, with the price of RNDR falling to a lower low of $5.60 on July 5 and again retesting the area on July 12. Since its all-time high, a descending triangle was formed, with the wave structure being a three-wave decrease. 

This is usually a sign of a corrective structure, and since it reached the significant 0.618 Fibonacci level, it could have ended. The daily RSI has been hovering slightly above the oversold zone since June 10. MACD is slowly turning bullish, but there are no signs of a reversal just yet. 

Despite the recent recovery, Render (RNDR) is still experiencing a larger downtrend. If the price continues to rise and makes a breakout above the descending resistance, we can start to anticipate the start of a bullish stage, but until that happens, RNDR could be poised for more downside. 

To turn bullish, we need to see this breakout followed by a higher low above $6.70. But if it continues moving below $5.70, it could fall further to $4.