Are Fresh 2024 Highs Likely?

Render Supply on Exchanges. Source: Santiment

But its not just accumulation that is a positive development; the conviction among investors is rising, too. This is evinced by the plunge in active deposits, which highlights the intention of selling among RNDR holders.

Render Active Deposits. Source: Santiment

At the time of writing, the active deposits are at a two-month low, which shows that the potential of selling has gone down. This would support an increase in price.

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RNDR Price Prediction: New Highs Await？

Render price hit a high of $13 earlier this month, nearly touching $14 during the intra-day high, marking the year-to-date high. If the investors bullishness persists, RNDR might have another shot at forming new 2024 highs.

In order to make this happen, Render price would need to flip the resistance of $11.24 and $12.58 into support. This would enable a further rise in price.

RNDR/USDT 1-day chart. Source: TradingView

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However, if RNDR fails to breach the resistance levels again, it might lose the bullish momentum and witness a decline that could pull it down to $10.2. Losing this level would cause a major correction in price, potentially sending it to $8 and resulting in the invalidation of the bullish thesis.