BitGo custody wallet reported that it transferred 3,05 million RENDER (approximately $4.58million) through a transaction over the counter.
It is a movement. introduced OTC transactions are typically outside of public order books, but they still supply a significant amount of tokens to the market.
These transfers are often a source of concern, as the recipients could later redistribute assets or deposit them elsewhere.
After the transaction RENDER It continued trading at $1.54 and did not break below the $1.49 level that was its main support.
It is important to note that the supply of tokens was not the only factor in play. Any subsequent deposits on exchanges or sales secondary could lead to increased selling pressure, if the demand for the tokens does not meet the current level.
Spot buyers have continued to consume available stock
Taker buy dominance was maintained in 90-day Spot Taker CVD territory. This shows that market orders to purchase continued to exceed market orders for sale over the period measured.
This suggests that the aggressive demand for spot goods persisted after BitGo transferred additional supplies into circulation.
The metric did not reflect a broad distribution but rather buyers were continuing to lift offers in spite of the uncertainty that remained surrounding OTC movements.
In this period the price also remained higher than the support of $1.49, which reinforced the idea that supply was not greater than demand.
Even then, sustained buying is still needed to help RENDER overcome any overhead resistance.
Can RENDER support $1.49?
RENDER stayed above the important $1.49 resistance after improving modestly towards $1.54 in the daily chart.
The buyers defended the area repeatedly, in spite of persistent sales pressure. This prevented a further breakdown under the floor.
While the token continued to remain well below the resistance of $1.767 while the more powerful barrier around $2.00 continues to define the wider recovery ceiling.
The RSI rose slightly, to 41.06, and then crossed over its moving average of 40.86. This showed that the selling pressure had eased but did not confirm a bullish reversal.
RSI remained under the neutral 50-level despite this crossover.
If buyers do not reclaim $1.767 then the chart will continue to be in favor of consolidation.
What could be the next target of liquidation?
You can also find out more about the following: Binance Liquidation Heatmap Highlighted dense liquidity clusters directly above the current prices between $1.56 and $2.58.
The liquidation pocket extended to the region between $1.59 and $1.60, creating a near-by upside magnet if buyers increased.
The downside liquidities also remain concentrated at $1.47. Another notable cluster forms near $1.44.
The opposing liquidity zones hinted that leveraged positions were continuing to build on both sides, rather than showing direction conviction.
This setup can increase volatility in the short term as prices move towards the closest liquidity cluster.
RENDER, in conclusion, continued to accept a reported transfer of 3.05 Million tokens OTC while defending their critical support at $1.49.
One buyer dominant Spot Taker CVD reported that spot demand was resilient.
If the buyers recapture $1.767 then momentum might improve towards $2.00. Losing the $1.49 level may reveal the liquidity groups below.
Final summary
- Despite BitGo’s introduction of 3.05 Million RENDER, spot buying remains dominant.
- RENDER defended key supports, but faced resistance over the current price.
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Source: ambcrypto.com
