Render (RNDR) Price Is Recovering All-Time Highs But Facing Resistance 🔥🔥🔥

RNDR is preparing to break above the upper boundary of the ascending triangle, continuing the recent uptrend.

The price has risen by 10% in the past two days, and bulls can break above this resistance level if the current overall market trend is sustained.  

Render’s double-digit price gains in the past 24 hours may see a pullback as some of the token’s key indicators show that the bearish influence is still dominant.

At press time, the dots that make up the RNDR Parabolic SAR indicator are above its price. The indicator identifies potential trend directions and reversals in the token’s price.

When its dots are above the price of an asset, it indicates that the market is falling. This indicates that the price of the asset has been falling and may continue to fall. Market participants interpret this as a signal to exit long positions and open short positions.

In addition, RNDR’s Chaikin Money Flow (CMF) value is -0.01. The indicator measures the flow of funds in and out of the RNDR market.

When its value is below zero, a bearish signal occurs, indicating a weakening uptrend or a developing downtrend

RNDR Price Prediction: Negative Sentiment Meets High MVRV Ratio

Currently, negative sentiment is lagging behind RNDR, as reflected in the negatively weighted sentiment found on-chain. At press time, the metric is at -0.29, indicating a dominant negative bias in online discussions surrounding the asset.

This negative sentiment comes at a time when the coin’s Market Value to Realized Value (MVRV) ratio is high. As of the time of writing, the ratio is 231.78%

The high MVRV ratio already suggests that a correction could occur if the price becomes unsustainable. Therefore, negative sentiment exacerbates this concern, highlighting the potential selling pressure that could drive the price lower.

On the contrary, if the selling pressure intensifies, the coin may fail to break above the upper line of the ascending triangle and fall towards $9.8.

However, if this bearish prediction is overturned, the price of the coin could exceed $12.

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