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The reason RENDER stock price fell 11% after hitting all-time highs

RENDER share price reached (RNDR) has reached the peak of its rise, recording a new all-time high in the last 24 hours. From a fundamental point of view, this is a bullish recovery incident.

However, in the case of RNDR, this rise could become a bearish reversal event. Will Render be able to withstand the rising price momentum?

This may lead to an increase in prices GIVE BACK To massive sales

Render price has remained stable above $10 over the past week, but that has changed with the cryptocurrency asset rising 27% to $13.83 over the past 24 hours . Unsurprisingly, this unexpected rise led to higher gains seen by RNDR holders.

Therefore, investors are now looking to move their holdings from their portfolio to the stock exchanges. Profit taking is also expected to increase in the future, as two major factors are pointing in exactly that direction.

First, the average lifespan of Render tokens has decreased significantly. This is the largest gap observed by an on-chain metric in altcoin history.

View average coin age graph
Average lifespan of a rendered part. Source: Feeling

Average coin age refers to the average age of all coins in circulation within the cryptocurrency network. It is calculated by dividing the total number of currency trading days by the total supply. This metric makes it possible to measure the level of activity and commercial behavior within the network.

The decline in MCA indicates that investors are turning away from fraud and moving their assets. Given a gap such as the RNDR gap, investors are likely to sell their holdings.

Whales (non-reciprocal addresses) are already doing this, given their recent decision to reduce their assets. Nearly 2 million RNDR, worth over $25 million, were withdrawn from their wallets in the last nine days.

Return the whales' assets
Hold whales. Source: Feeling

This is important because whale addresses dominate 50% of the total RNDR supply, making their decision influential on price.

RNDR Price Prediction: RNDR Price Could Return to $10

The price of RNDR, which is trading at $12.92 at the time of writing, is Just below its all-time high. However, market conditions suggest that RNDR could fall further. The altcoin has a high chance of falling to $11.50, extending the 11% corrections and sending the crypto asset to $10.

RNDR/USDT 1-day chart
RNDR/USDT 1-day chart. Source: Trading View

However, support at $11.50 converges with the 50-day EMA. This level constitutes a floor of technical support, allowing the RNDR to bounce back.

Therefore, a rally above $12 would invalidate the bearish thesis, bringing the RNDR price closer to its all-time high.

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