RENDER absorbs 3.05M token transfer as buyers defend $1.49 support

RENDER held above its $1.49 support after BitGo's custody wallet transferred 3.05 million tokens worth $4.58 million through an over-the-counter transaction on July 2, data from CryptoQuant show.

"The OTC transfer introduced a sizable amount of supply into the market, but spot demand absorbed it without triggering a breakdown below the key support," Nazo_ku, a crypto analyst who tracks whale movements, said on X.

The 90-day Spot Taker Cumulative Volume Delta remained in buyer-dominant territory, indicating market buy orders continued exceeding sell orders even after the additional supply entered circulation, per CryptoQuant. RENDER traded at $1.54 as of 02:00 UTC on July 3, recovering modestly from the $1.49 floor. The relative strength index recovered to 41.06, crossing above its moving average at 40.86, though it remained below the neutral 50 level.

The Binance liquidation heatmap showed dense liquidity clusters between $1.56 and $1.58, creating upside magnets if buying pressure strengthens, while downside liquidity near $1.47 and $1.44 could accelerate losses if the $1.49 support breaks. RENDER must reclaim $1.767 to shift the market structure toward a recovery toward $2.00.

The OTC transfer from BitGo's wallet drew attention because recipients may later deposit assets onto exchanges, increasing spot selling pressure. No subsequent exchange deposits have been detected, and the token's price action suggests the market absorbed the additional supply without disruption.

RENDER's ability to defend the $1.49 zone marks the second time buyers have held that level against selling pressure. The token remains well below the $1.767 resistance, while the stronger barrier near $2.00 continues defining the broader recovery ceiling.

The RSI crossover above its moving average signaled that selling pressure has eased, though the indicator's position below 50 suggests the market has not confirmed a bullish reversal. The opposing liquidity clusters on both sides of the current price indicate leveraged positions remain balanced, a setup that typically precedes increased short-term volatility as price moves toward the nearest liquidity zone.

RENDER is the native token of the Render Network, a decentralized GPU rendering platform built on Solana. The token's price action in the coming sessions will depend on whether spot buyers can sustain demand above $1.49 and push through the $1.767 resistance level.

This article is for informational purposes only and does not constitute investment advice.