BitGo custody wallet reportedly transferred 3.05 million RENDER worth approximately $4.58 million through an over-the-counter transaction.
The movement introduced a sizable amount of token supply into the market, even though OTC deals typically occur outside public exchange order books.
Such transfers often draw attention because recipients may later redistribute or deposit the assets elsewhere.
Following the transaction, RENDER continued trading around $1.54 instead of breaking below its key $1.49 support, indicating the transfer did not trigger immediate spot weakness.
However, the additional supply remained an important near-term variable because any subsequent exchange deposits or secondary sales could increase selling pressure if demand fails to absorb the available tokens.
Spot buyers continued absorbing available supply
The 90-day Spot Taker CVD remained in Taker Buy Dominant territory, showing market buy orders continued exceeding market sell orders over the measured period.
The reading suggests aggressive spot demand persisted even after the reported BitGo transfer introduced additional supply into circulation.
Rather than reflecting broad distribution, the metric indicated buyers continued lifting offers despite lingering uncertainty surrounding the OTC movement.
Price also remained above the $1.49 support during this period, reinforcing the view that available supply had not overwhelmed spot demand.
Even so, sustained buying would still need to continue if RENDER is to overcome overhead resistance and fully absorb any remaining selling pressure.
Can RENDER defend the $1.49 support?
RENDER continued holding above the major $1.49 support after recovering modestly toward $1.54 on the daily chart.
Buyers repeatedly defended this area despite persistent selling pressure, preventing another decisive breakdown below the established floor.
Meanwhile, the token remained well below the $1.767 resistance, while the stronger barrier near $2.00 continued defining the broader recovery ceiling.
The RSI recovered slightly to 41.06 and crossed above its moving average at 40.86, showing selling pressure eased without confirming a bullish reversal.
Although this crossover improved short-term conditions, RSI still remained below the neutral 50 level.
Therefore, the chart continued favoring consolidation unless buyers reclaimed $1.767 and shifted the market structure back toward recovery.
Where could liquidation pressure strike next?
The Binance Liquidation Heatmap highlighted dense liquidity clusters immediately above the current price between roughly $1.56 and $1.58.
Additional liquidation pockets extended toward the $1.59 to $1.60 region, creating nearby upside magnets if buyers strengthened.
However, downside liquidity also remained concentrated around $1.47, with another notable cluster forming near $1.44.
Those opposing liquidity zones suggested leveraged positions continued building on both sides instead of showing directional conviction.
That setup could increase short-term volatility as price moves toward the nearest liquidity cluster.
To conclude, RENDER continued absorbing a reported 3.05 million-token OTC transfer while defending its critical $1.49 support.
Meanwhile, buyer-dominant Spot Taker CVD suggested spot demand remained resilient.
If buyers reclaim $1.767, momentum could improve toward $2.00. Conversely, losing the $1.49 support may expose the downside liquidity clusters below.
Final Summary
- Spot buying remained dominant despite BitGo introducing 3.05 million RENDER into circulation.
- RENDER continued defending key support while facing resistance above the current price.
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