The price of Render (RNDR) token has been struggling recently. Key indicators signal that the altcoin is lagging behind the top three AI cryptocurrencies. Despite its position in the AI ​​space, RNDR has failed to attract large holders. Also known as whales, large holders are crucial in driving liquidity and price movement.

Since July 2024, the number of RNDR whales has decreased significantly, indicating a loss of confidence from mainstream investors. However, some indications, such as the recent move on BBTrend, suggest that the token may still have a chance of recovery if it can regain market interest.

RNDR Whales Are Not Coming Back

The Render token currently faces significant challenges in attracting and retaining large holders, who are crucial to the long-term success of a project. Since July 2024, the number of users holding between 100,000 and 1 million RNDR has fallen from 80 to just 30. Since August 8, that number has remained at or below 40.

This sustained decline highlights the lack of interest from whales. When large holders exit a project or fail to enter, it is usually a sign of reduced confidence in the asset’s future growth. This triggers a cascading effect that can discourage smaller investors as well.

Read more: How to invest in Artificial Intelligence (AI) cryptocurrencies?

Render (RNDR) token holders with between 100,000 and 1 million coins. Source: Santiment

Despite its presence in the AI-focused cryptocurrency space, RNDR has failed to attract major investors. This points to deeper issues with the project’s fundamentals or its current positioning in the market.

Compared to its competitors, Render token is lagging behind in several key areas. Over the past week, RNDR has seen the largest price drop among the top AI altcoins, with a -5.32% drop. This is higher than FET’s -4.23% drop. On the other hand, WLD and TAO have seen significant price gains, with gains of 12.22% and 12.13%, respectively.

Key price metrics of the top 4 AI coins. Source: Messari.

This performance gap shows that RNDR is not capitalizing on the broader bullish trend seen in the AI ​​crypto market. Furthermore, RNDR’s one-week trading volume lags far behind its competitors, being 45% lower than that of WLD, which ranks third by volume.

Trading volume is a critical indicator of market interest and liquidity. Thus, a lack of both suggests that the token is losing investor attention.

Render's BBTrend brings a good sign

The latest development on BBTrend for RNDR shows that although the indicator remains in negative territory, the current reading of -5.2457 is less bearish than in recent days. This suggests that although selling pressure persists, it may be starting to ease.

A less negative BBTrend could indicate a slowdown in bearish momentum, possibly signaling some renewed interest in RNDR. However, it is still too early to draw definitive conclusions, and this softening trend needs to be monitored closely in the coming days to see if it continues or reverses.

RNDR Bollinger Bands Trend. Source: TradingView

In short, BBTrend is a momentum indicator derived from Bollinger Bands. It measures volatility to help assess whether an asset is in an uptrend or a downtrend. A negative BBTrend indicates bearish momentum, while a positive one signals bullish momentum.

Despite still being in the red, the fact that BBTrend is less negative than before could indicate that market sentiment around RNDR may be stabilizing. If this trend continues and moves closer to neutral, it could suggest growing interest and a possible recovery.

Price forecast

On October 2, the RNDR EMA lines formed a death cross, which occurs when the short-term EMA crosses below the long-term EMA, signaling a potential downtrend.

While this pattern usually indicates bearish sentiment, the distance between the EMA lines is still relatively small, suggesting that the downtrend may not be fully established or strong yet. If the space between the lines widens, it could confirm a more pronounced downside momentum.

EMA (Exponential Moving Average) lines are fundamental technical indicators that smooth out price data to give more weight to recent movements. They help traders identify trends by comparing short-term and long-term averages.

Read more: How Artificial Intelligence is Changing the Future of Cryptocurrencies

EMA and Support and Resistance lines of RNDR. Source: TradingView

If RNDR’s current downtrend strengthens, the asset could test key support levels at $4.56 and even $4.32, which would imply a potential 15% price drop from current levels. However, if RNDR manages to regain momentum, as indicated by the cooling off on BBTrend, it could reverse direction and test resistance levels around $6.57 or even $7.

A break above $7 would mark its highest price since July and could result in a potential price gain of 37%, highlighting significant upside potential if bullish sentiment returns.

The article Token Render struggles and breaks away from AI altcoins appeared first on BeInCrypto Brasil.