Render (RNDR), the “Nvidia of crypto,” had a remarkable performance in the 2024 first half, earning the attention of investors. Now, network activity data suggests the cryptocurrency could be ready for a bullish trend reversal after a month of downtrend.
According to a post by the on-chain analyst Ali Martinez on X, RNDR’s trend has changed from bearish to bullish. Notably, Martinez points out that the network’s daily active addresses and whale transactions experienced a “notable increase,” signaling the reversal.
#Render has experienced a notable increase in daily active addresses and whale transactions, indicating a potential trend reversal for $RNDR from bearish to bullish. pic.twitter.com/sRWpydis6r
— Ali (@ali_charts) July 14, 2024
Render (RNDR) one-year price chart. Source: Finbold
Nevertheless, Render could be ready to reverse this bearish trend, as Ali Martinez suggested in his analysis. A price recovery could renew the traders’ spirit, fueling further price discovery.
This, however, will depend on new developments and the demand for the rendering solution in other industries. Some experts warn of a possible financial bubble around this demand, which could include Nvidia and its crypto version.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
