Render’s bulls are testing the $4.4 resistance level, with aspirations of breaking out toward $7. However, warning signs have emerged. According to Santiment data, development activity behind Render, a decentralized GPU-based rendering solutions provider, has been minimal, raising concerns among investors about potential improvements and network patches.
The 7-day RSI stands at 50, indicating a shift in bullish momentum, though social volume has only seen a gradual increase over the past month, which is not necessarily indicative of a significant RENDER rally. Additionally, the mean coin age has dropped sharply over the last three months, signaling selling pressure from long-term holders. The recent price bounce has pushed the 90-day MVRV above zero, suggesting medium-term holders are slightly profitable but also highlighting a strong distribution trend.
Daily active addresses have been on a downtrend since November 2024, and the recent price surge hasn’t been accompanied by a surge in network activity. Therefore, there’s a possibility that the price bounce may falter, giving holders an opportunity to exit their positions. Technical analysis underscores the importance of the $4.4 resistance level, but the lack of network participation and the distribution phase over the past few months suggest caution for investors considering buying RENDER.
— new from AMBCrypto
