The BitGo custodial wallet allegedly transferred 3.05 million RENDER worth approximately $4.58 million via an over-the-counter transaction.
The movement introduced a significant amount of tokens on the market, even though over-the-counter transactions generally take place outside of the order books of public exchanges.
Such transfers often attract attention because the beneficiaries can later redistribute or deposit the assets elsewhere.
Following the operation, GIVE BACK continued to trade around $1.54 instead of breaking below its key support of $1.49, indicating that the move did not trigger immediate spot weakness.
However, additional supply remains an important near-term variable, as any subsequent exchange deposits or secondary sales could increase selling pressure if demand fails to absorb the available tokens.
One-time buyers continued to absorb available supply
The 90-day Spot Taker CVD remained in Taker Buy Dominant territory, showing that market buy orders continued to exceed market sell orders during the measured period.
The reading suggests that aggressive spot demand persisted even after the reported BitGo transfer introduced additional circulating supply.
Rather than reflecting broad distribution, the measure indicates that buyers continued to raise bids despite continued uncertainty surrounding the OTC move.
The price also remained above the $1.49 support during this period, reinforcing the idea that available supply has not exceeded spot demand.
Even so, sustained buying should still continue if RENDER is to overcome overhead resistance and fully absorb any remaining selling pressure.
Can RENDER defend $1.49 support?
RENDER continued to hold above the major support at $1.49 after recovering slightly towards $1.54 on the daily chart.
Buyers repeatedly defended this area despite persistent selling pressure, preventing a further decisive break below the established floor.
Meanwhile, the token remained well below the $1.767 resistance, while the stronger barrier near $2.00 continued to define the broader recovery ceiling.
The RSI recovered slightly to 41.06 and rose above its moving average at 40.86, showing that selling pressure has eased without confirming a bullish reversal.
Although this crossover improved short-term conditions, the RSI still remained below the neutral level of 50.
Therefore, the chart continues to favor consolidation unless buyers reclaim $1.767 and move the market structure back towards recovery.
Where might liquidation pressure hit next?
THE Binance Liquidation Heatmap highlighted dense liquidity clusters immediately above the current price between around $1.56 and $1.58.
Additional pockets of liquidation extended toward the $1.59-$1.60 region, creating nearby upside magnets should buyers strengthen.
However, downside liquidity also remained concentrated around $1.47, with another notable cluster forming near $1.44.
Opponents of liquidity zones have suggested that leveraged positions continue to expand on both sides instead of showing directional conviction.
This setup could increase short-term volatility as prices move toward the nearest liquidity cluster.
In conclusion, RENDER continued to absorb an OTC transfer of 3.05 million tokens while defending its critical support of $1.49.
Meanwhile, buyer-dominated Spot Taker CVD suggested spot demand remained resilient.
If buyers reclaim $1.767, momentum could improve to $2.00. Conversely, loss of the $1.49 support could expose liquidity groups to the downside below.
Final Summary
- Spot purchases remained dominant despite BitGo putting 3.05 million RENDER into circulation.
- RENDER continued to defend its key support while facing resistance above the current price.
