- Render price rose 23% last week, breaking key resistance.
- Large transactions and social volume are increasing, signaling increased market activity.
Render (RENDER) has seen an exceptional 23% rise over the last 7 days. This clearly indicates a significant change in market dynamics.
The recent bull run has convincingly broken through a descending trendline that may have triggered a structural shift in the market. This breakout indeed suggests that the bulls have come into play, but will this trend continue uninterrupted?
Rendering market activity balances out
According to AMBCrypto’s analysis of IntoTheBlock data, the number of profitable active addresses stands at around 53%. This indicates a state of market balance as it is within the 5% range of the 50% mark.
Source: IntoTheBlock
This balance between buyers and sellers would indicate that Render could consolidate before making the next move, likely a retracement towards the recently broken trendline to continue the bullish momentum and give the market a chance to catch its breath.
Source: Tradingview
Increase in large transactions
Large transactions on Render have increased significantly over the past 48 hours. Markets were previously in a rut, but this recent surge in large-value transactions reflects renewed interest from institutional investors.
This may further extend Render’s uptrend and possibly push the price higher in the near future.
Source: IntoTheBlock
Social volume takes a positive turn
Render’s social volume has also increased significantly over the past 24 hours. Typically, an increase in volume coincides with an increase in retail interest, so this sudden surge may precede increased attention from the broader crypto community.
Positive sentiment and increased engagement could possibly sustain the current rally and push the price further.
Source: Santiment
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As Render continues to make waves on social media, the market is at a critical point. The combination of increased social volume and large transactions suggests more volatility ahead.
Investors should keep an eye on the descending trendline for a possible retracement, but the overall sentiment remains bullish.
