• 26 May, 2024
Markets News

Render Network Transfers Excess RNDR Tokens, Sparks Inquiry

The Render Network recently moved a substantial amount of RNDR tokens, significantly exceeding the expected unlock amount for the day. Spot On Chain report revealed that approximately 2.5 million RNDR tokens, equating to around $20.8 million, were transferred to a new wallet designated as 0x5b9. Moreover, within just five hours, Binance received about 1.65 million RNDR, valued close to $13.4 million, from this transaction.

Interestingly, Render Network’s schedule only anticipated the release of about 761,000 RNDR tokens today, which would represent just 0.2% of its circulating supply and roughly $6.33 million in value. Consequently, the movement of funds has sparked curiosity and speculation within the cryptocurrency community.

Additionally, the details of where the remaining tokens have been allocated remain unclear. This lack of transparency has prompted further scrutiny and questions from stakeholders and investors alike. Hence, the cryptocurrency community is keenly observing Render Network’s next steps and any forthcoming explanations regarding this unexpected token distribution.

As of press time, RNDR is exchanging hands at $7.87, down by 6% in the past 24 hours. Over the past week, RNDR is down by 14%, while the monthly chart displays a decline of 35%. Amidst the decline, the market capitalization has decreased to $3 billion, a decrease of 6%, while the trading volume stands at $280 million, down 25%. 

RNDR’s market has been trading on a downtrend over the past few days as the coin failed to break above the $10 key level. Support for RNDR has been established at the $7.80 level, while the immediate resistance is currently at the $8.50 mark.

Technical indicators on the daily chart suggest a bearish outlook. Most of the indicators have dropped to the negative region, while the oscillators indicate a sell signal. The Relative Strength Index (RSI) is slightly above the oversold region with a value of 39, indicating a robust selling pressure.

RNDR/USD chart: TradingView

The Moving Average Convergence Divergence (MACD) indicator indicates a strong bearish sentiment. The MACD line is currently below the signal line below the zero line while the histogram continues to print red bars.

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