[RNDR futures open interest near June monthly low]
Last month’s market downturn affected the price of the largely artificial intelligence-based token Render (RNDR), leading to a decline in activity in its derivatives financial markets. At press time, Render (RNDR) was trading at $7.62, with subdued market activity last month causing a 26% drop in value.
This price drop forced many traders out of their futures markets, with futures open interest ending June at monthly lows. As of this writing, RNDR’s futures open interest is $132 million, down 35% since the beginning of the month.
A decline in futures open interest indicates that traders are closing positions without opening new ones, which is a bearish signal and means less market activity and trader interest. This is also reflected in RNDR’s decreasing number of daily active addresses and new demand for the token.
The number of daily addresses participating in RNDR transactions has declined by 11% over the past month, as assessed by the 30-day moving average. Likewise, new demand for AI tokens has also decreased. During the same period, the number of new addresses created each day fell by 9%.
The downward momentum in RNDR price appears to be waning, so a rebound is likely. According to the reading of the coin’s Aroon Down Line, its value is 28.57%. The Aroon indicator identifies an asset's trend strength and potential price reversal points. When the line is close to zero, the downtrend is weak and the asset's most recent price has not been reached for a long time. This is often seen as a signal of a potential trend reversal.
If RNDR rebounds, it could rise to $7.91 or beyond the $7 price level. However, if the current downward trend continues, its price could drop to $6.67.
#鴉快訊 $RNDR @Render Network