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Crypto AI Coin Render (RENDER) Gains 13%, and Here's Why

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Thu, 19/10/2023 - 16:05
Crypto AI Coin Render (RENDER) Gains 13%, and Here's Why
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Crypto AI token Render (RNDR) is on a bullish run, with the price set to mark the fifth consecutive day of gains since Sunday. In the last seven days, RNDR has been up 13%, according to CoinMarketCap data.

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At the time of writing, RNDR was sustaining in the green, up 2.71% in the last 24 hours to $1.94. Some positive factors might have contributed to RNDR's price increase, which is also supported technically.

On-chain analytics firm Santiment recently reported that the supply of RNDR on exchanges has dropped to its lowest level in 2023. This is somewhat bullish, as it might suggest that investors are moving their assets to cold storage wallets rather than selling them.

Also, whale accumulation could have aided the price rise of Render. Santiment noted that there has been a major accumulation from wallets holding 100,000-10 million RNDR, which coincided with a large movement of coins off exchanges.

TradingView
RNDR/USD Daily Chart, Courtesy: TradingView

On Oct. 17, Santiment reported that wallets with 100,000 to 10 million RNDR added $24.1 million worth of Render tokens, or 2.5% of the entire supply, growing their entire holdings by nearly 5%.

Zooming in on Render's price movement, RNDR has risen approximately 39% from Sept. 1. RNDR began to increase at the beginning of September, just after its price bottomed, following the emergence of a death cross pattern on its charts.

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A death cross occurs when the short-term moving average, usually the daily MA 50, crosses below the long-term moving average — usually the daily MA 200.

The death cross, despite its foreboding moniker, is not a market milestone to be feared. Market history implies that above-average returns tend to presage a near-term rebound; this seems to be the case with Render (RNDR).

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