Render token has made a blistering start to Q2 2023 with a 53% price surge in April. A critical look at the on-chain data suggests that despite increased whale investment, RNDR could still be undervalued at current prices. Can the bulls push for $3?
Render (RNDR) is an ERC-20 utility token that enables artists and content creators to connect with node operators and GPU capability providers.
RNDR grabbed media attention after making a 400% tear in January. But, after a major retracement below $1 in March, bearish investors feared further correction toward the previous local low of $0.4. However, on-chain data now suggests that RNDR looks poised to ride its current rally to a new year-to-date high.
Crypto Whales Have Been Buying RNDR
A significant cohort of whales appears to be driving the current RNDR price rally, according to data analytics platform, Santiment. After a curtailed outlook in March, whales with balances of 1 million to 10 million RNDR tokens have started buying again.
The chart below shows how they increased their holdings from 198 million to 206 million tokens between April 1 and April 18. The newly added tokens are worth nearly $16 million at current market prices of around $2.1.
Crypto whales often significantly influence a token’s price prospects due to their disproportionately high buying power. Hence, as observed above, the whale accumulation wav
Go to Source to See Full Article
Author: Ibrahim Ajibade
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
