RENDER Whales Raised Holdings to $115 Million in March, Yet Price Continues to Struggle

Key Takeaways

• Whale accumulation increased in March, with holdings rising from 30 million to 34 million RENDER tokens.
• Despite this, RENDER’s price struggled, facing resistance at $4.25 and closing the month at $3.42.
• The Coins Holding Time fell by 80% in the last 7 days, indicating increased selling pressure.
• Interested in buying or selling RENDER? Read our review of the best exchanges to buy and sell RENDER.

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.

RENDER Big Wigs Increase Holdings

On March 2, Santiment data showed that about 30 million tokens were held by whales who own between 1 million and 10 million RENDER.

By the end of the same month, that figure had climbed to 34 million. This means that RENDER whales accumulated nearly 4 million tokens within 30 days.

At the altcoin’s current value, this is worth about $115 million. Typically, an increase in whale holdings foreshadows a price bounce.

While RENDER’s price briefly increased to $4.13, it could not hold those gains due to overhead resistance around $4.25.

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.

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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.

RENDER Price Analysis: No Way Out Yet

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.

Therefore, if this trend continues, RENDER’s price might not rise above $4 in the short term.

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.