CoinWorld.com reports:
Render gained bullish momentum after testing the key support level within the symmetrical triangle.
Whale activity and active addresses have surged, indicating a growing market interest.
Render [RNDR]
At the time of writing, it is consolidating within a symmetrical triangle pattern, which is an indicator of volatility.
While the altcoin tested a key support level, market participants are closely watching for the next move.
Sentiment in the altcoin market is trending bullish, with indicators pointing upwards.
In most cases, a symmetrical triangle suggests a breakout in either direction based on broader market conditions.
Currently, Render is showing early signs of bullish momentum, increasing the likelihood of an upward breakout.
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Source: Tradingview
Active addresses increase by 10%
According to analysis by AMBCrypto, a strong indicator supporting this bullish view is a 10% increase in active addresses.
The increase in active addresses typically indicates frequent user activity, which is often a precursor to price movements.
This increase in activity may suggest that more users or market participants are actively engaging with the Render network, which is closely related to increased market confidence in most cases.
Major participants entering the market
According to data from Santiment, in addition to the increased trading activity mentioned earlier, whale activity in altcoins has also surged by 84%.
Whales play a crucial role in market trends, and their increased activity often signals significant price changes.
Render’s bullish bias increases confidence
This indicates a bullish sentiment, with a significant number of liquidation pools being higher than the current trading price, intensifying the growing optimism. Liquidation pools may act as price magnets, pulling the Render price higher.
This may also add more momentum to the ongoing bull market.
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Render [RNDR] price prediction
2024–2025
At the time of writing, Render is exhibiting a symmetrical triangle pattern due to the increase in active addresses and whale activity, indicating strengthening bullish momentum.
With a positive liquidation heat map backdrop, Render may experience a significant breakthrough.
