In the Asia trading hours, the crypto market witnessed a notable uptick in Al-related tokens attributed to the Nvidia AI Conference GTC 2024. Such events can drive awareness and adoption of AI technologies, potentially increasing the utility and demand for related crypto tokens. Amid the increasing demand, the Render price surged to a new all-time high of $13.38 yesterday. Will the current correction trend hamper this rally or will RNDR continue its forward March?
Also Read: Top 3 Altcoins To Buy Likely To Turn $10 Into $1000 This Week
Key Support Levels to Watch Amid Market Volatility
The Render coin entered an aggressive recovery trend in late January when the price rebounded from the $3.41 mark. This bullish rally bolstered by broader market sentiment uplifted the coin 294% to hit a new all-time high of $13.38.
However, with the Bitcoin price falling below $70000, the overextended rally of RNDR price witnessed a sharp reversal. Currently trading at $11.72, the coin price registered a 10.8% intraday loss projecting a long red candle in the daily chart.
Moreover, the on-chain data tracker SpotOnChain reported significant whale activity, with 2.5 million RNDR, worth around $30.8 million, being moved to centralized exchanges (CEXs) for potential profit-taking in the past day. These wallets are linked to a group that acquired 58.28 million RNDR from the Render Network in 2022 at a price of approximately $1.41.
Thus, the market correction coupled with whale distribution may trigger a notable pullback in the Render price. If the bearish momentum, the coin buyers may seek support at $11.4, $9.85, and $8.65, which align with the Fibonacci retracement levels of 23.6%, 38.2%, and 50% respectively.
As long as the Render coin maintains above the 50% Fibonacci retracement level, the buyers will stand as a dominant force in the market.
Also Read: Bitcoin Whales Pull Out Over 21,400 BTC From Exchanges In A Week
Technical Indicator
- BB indicator: The notable upswing of the Bollinger Band indicator reflects aggressive recovery momentum.
- Average Directional Index: The ADX slope at 45% indicates the buyers led an overextended rally and a minor pullback is needed to regain the exhausted momentum.
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Read More: Render Price Pullback Looms as Whales Move $30.8 Million to Exchanges
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