📊 Render (RNDR) Price Not in Peril Despite Losing Critical Support
Render’s (RNDR) price slipped below its downtrend, signaling losses are continuing to rise on the network.
🔸 Render Investors Exhibit Mixed Signals
Render’s price has noted a considerable drawdown over the past month. During this time, investors lost a huge chunk of their money, and many even receded. The overall Artificial Intelligence (AI) space witnessed bearishness impacting other similar tokens as well. Speaking to the same, Akshay Nassa – Founder of Chimp Exchange, exclusively told BeInCrypto,
“For crypto markets, it’s been a volatile week. AI tokens such as FET, with a market cap of $2.98B, RNDR with a market cap of $2.53B, and GRT, with a market cap of $1.75B, witnessed a substantial decline.Despite the volatile nature of AI tokens in the crypto market, their value propositions are compelling.”
Render’s Chaikin Money Flow (CMF) shows this well, as it has been stuck in a downtrend for the last two months. Currently, it is below the zero line, indicating significant outflows. This typically signifies an increase in selling pressure.
Despite this bearish signal, another key metric tells a different story. Render’s Mean Coin Age continues to show an uptick. This metric measures the average age of coins in the network, indicating how long coins have been held.
🔸 RNDR Price Prediction: Breaking Another Resistance
Render’s price has noted a 40% decline in the last couple of days, invalidating multiple support levels. The altcoin has dropped from $11 to $6.7 in a month, stabilizing above the $6.3 support line.
The mixed signals coming from the investors, however, suggest consolidation above $6.8 and under $8.0. This range has been tested before, and the same could occur again since the market is still volatile.
However, if the upper limit of $8.0 is breached, the Render’s price could rally to $9.0 or more. This would invalidate the bearish-neutral thesis to push the altcoin toward recovery.
