Following a phenomenal bull run illustrated by RNDR’s price, surging 27% over the past week, the token encountered downside pressure today, May 11. Here’s what might have caused the price to tumble. By Coingape Staff 15 hours ago Updated 11 hours ago
Highlights
- RNDR price slips today, piquing investor attention as it follows a 27% weekly price rally.
- The price slip comes riding along a market maker’s massive RNDR deposit to Binance.
- RNDR reflects optimism for its long-term prospects.
In an unprecedented turn of events, RNDR, the native token of the Render Network, illustrated signs of a pullback today, May 11, following a phenomenal bull run witnessed over the past week. After rallying 27.30% in the past seven days, RNDR’s price slipped nearly 3% in the past 24 hours, falling in line with a stockpile of market statistics.
Here’s a closer look into these metrics and what the Render token’s long-term prospects look like.
Market Maker Dumps Colossal Amounts of RNDR
In a post shared by the on-chain analytics platform ‘The Data Nerd,’ it was brought to light that address 0x537, reportedly linked to GSR Markets, a renowned digital asset market maker, has deposited a staggering 500,000 RNDR, worth $5.56 million, to Binance. This action appears to have primarily influenced the token’s current price movement, pulling it into the red territory.
Notably, the address still holds 550K RNDR tokens, worth $6.07 million, birthing speculations over future dumps which could again bring about increased selling pressure to the token.
7 hours ago, the 0x537 (belongs to @GSR_io) just deposited 500k $RNDR (~$5.56M) to #Binance.
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Just now, this wallet still has 550k $RNDR (~$6.07M).
Address:https://t.co/1XJH8YuQpd pic.twitter.com/jYCYYuSikO
— The Data Nerd (@OnchainDataNerd) May 11, 2024
Meanwhile, it’s worth mentioning that the remarkable weekly gains illustrated by the Render token comes alongside a phenomenal spike in whale activity, which triggered a rising price action for the crypto. Further, the recent rise in AI and Big Data projects has additionally injected a bullish trend in the AI coin.
Collectively, this data has ignited market sentiments of short-term volatility, with the token’s long-term price movements eyeing greater heights despite today’s slip.
RNDR Price Dips, What’s Next?
As of writing, RNDR’s price has slipped 3.50% in the past 24 hours and is currently trading at $10.93. The AI token’s market cap fell 3.81%, reaching $4.24 billion, followed by a 24-hour trading volume plunge of 15.09% to $458.78 million.
Coinglass data illustrates that RNDR’s open interest dipped 1.99%, reaching $183.09 million, whereas derivatives volume dropped 6.41% to $734.18 million. Underscoring loss of investor interest and reduced market activity, this further rationalizes the token’s today’s tumbled movement.
Meanwhile, the RSI hovered at 65, with a buying sentiment prevailing within the market. This hinted that the token has yet to reach overbought territory, with potential gains lying ahead. Conversely, the market may witness a price correction if an overbought territory is reached.
On the other hand, with the coin gaining roughly 27% over the past week, sentiments of a due price correction already loomed.