Many participants preferred to stay on the sidelines in March amid the market’s instability. But for RENDER whales, that was a period to accumulate more cryptocurrency.
Despite that, RENDER’s price closed the month at $3.42, a bit lower than the opening value. While some may assume that the notable whale accumulation could soon positively impact the altcoin, several indicators beg to differ.
From what we can see, the altcoin might still find it challenging to retest $4 as several other indicators remain bearish.
Selling Pressure Still Present
The Coin’s holding time indicates that RENDER’s price might not erase its losses yet. Also known as the holding time of transacted coins, this metric tells how long a cryptocurrency has been held without being sold.
When it increases, it indicates that holders are refraining from selling their assets. On the other hand, a decline in the holding time of transacted coins indicates rising selling pressure.
According to IntoTheBlock, RENDER’s Coin holding time has fallen by 80% in the last seven days. If this trend continues, it could hinder RENDER’s price from climbing higher.
From a technical perspective, the Chaikin Money Flow (CMF) reading on the daily chart has dropped to -0.10. The CMF measures the level of accumulation and distribution around a cryptocurrency.
When the reading is positive, buying pressure is dominant. On the other hand, a decline in the CMF indicates rising selling pressure.
Instead, the cryptocurrency’s value is likely to drop to $2.52. On the contrary, if buying pressure increases, the altcoin’s value might climb to the 0.236 Fibonacci level at $4.71.
For that to happen, the CMF reading has to move from negative to positive.
RENDER’s price might rally to the 0.382 Fibonacci level at $6.10 in that scenario.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
