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ThecoinrepublicCryptocurrencyWill $6.3 Million Token Unlock Put Bearish...
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Will $6.3 Million Token Unlock Put Bearish Pressure On RNDR Price?

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Render Network is one of the first decentralized GPU rendering platforms, which empowers artists to scale with high-performance GPUs. The platform provides computing through the blockchain marketplace of idle GPU, where artists can do next-generation rendering work at a fraction of the cost. The order of magnitude increases speed if you compare it with the centralized GPU cloud. The render network also provides granular digital rights management with the help of the on-chain traceability of a node-based render graph. Meanwhile, the company is backed by parent company OTOY, with various industry leaders on their board seats.

RNDR

Source: Rendernetwork.com

The Render Network has also launched its first Beta version of its native C4D integration. New additions, improvements, and changes will continue to be reflected throughout. Meanwhile, if you are unfamiliar with the cryptocurrency, you can easily get started on the network while getting RNDR credits. One can purchase these credits through Paypal or Stripe directly through the Render network portal.

VC Remains with RNDR While Holders Keep Surging 

RNDR token has a total supply of 532,073,613 RNDR, of which 388,646,672 RNDR is currently circulating in the market. It has a total of 98157 holders, which is growing steadily. As per the token unlock, 47.8% of the total supply is circulating in the market, while 5% of the supply is locked and 36.48% is TBD locked. Meanwhile, in the overall supply held by the exchanges, Binance has more than 57%.

RNDR

Source: RNDR holders by Coincarp

The top 10 holders of the RNDR token on Ethereum currently hold over 51.85% of the total supply, while the top 100 holders have over 74.6% of the total supply. RNDR will see a token unlock of over 760.5k tokens worth over $6.7 Million in the next 12 hours. It can put bearish pressure on the retailers of the token.

RNDR

Source: Funding rate of RNDR by Glassnode

The asset is currently seeing a stagnation in the overall funding rate. Meanwhile, the VC has observed no change in their RNDR holdings. Wintermute capital has accumulated over 16540 tokens in the last few days. Let’s look at the price action scenario of the asset price.

Will RNDR See a Rise to the $20 Mark in 2024?

Ritika_TCR on TradingView.com

Render has a market cap of $3.16 Billion and is ranked 29th in the cryptoverse. The VM ratio of the asset price suggests a consolidation, while the asset volume has seen a decline of over 14% in the last 24 hours. RNDR is currently trading near the value of $8.14 with a slight drop in the intraday session

RNDR token is currently forming weak bullish candles on the daily chart. It is trading below the 50 and 100 EMA on the daily chart. The upside momentum of the asset price can see a halt near the value of $10. Meanwhile, the support of the asset price can be seen near $7.

The RSI of RNDR is currently near 37 with a negative slope in it. The overall sentiment of the RSI is bearish in nature

Conclusion

RNDR will see a token unlock of $6.7 Million tomorrow, which can put a bearish pressure on the price. The overall whales have not seen any change in their asset holdings. RNDR token price is currently seeing a weak momentum but can see a new high in the future.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Nancy J. Allen
Nancy J. Allen
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and a minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
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