RNDR is down 13% over the past seven days.
Even though prices have been falling, market sentiment remains positive.
Rendering [RNDR] is down 13% in the last 7 days and 1.62% in 24 hours.
The ongoing decline has had a dramatic impact on trading volumes over the past 24 hours, which have fallen 52%, according to CoinMarketCap. RNDR’s market cap has fallen 1.52% to $3.08 billion over the same period.
AMBCrypto analysis shows that the price of RNDR has fallen 31% since June 3. After trading at $10 at the beginning of this month, the price of RNDR has shown an overall bearish trend.
Its resistance level is around $9 and it is currently trading at $7.9 and is attempting a retest.
This means that if the stock retests the support around $7.2, it will reverse into an uptrend. However, if it breaks below this level, it could fall further to $5.2.
Market Outlook
After hitting an all-time high of $13 in March, the current market sentiment has turned bearish. Bitcoin prices have continued to fall over the past two months, hitting their lowest level for the period in June.
Despite the breakout attempt, it has not been able to reverse into a bullish trend.
In fact, at press time, the MACD reflects the current market sentiment. At press time, RNDR’s MACD is negative at -0.32, indicating a continuation of the bearish trend.
Rendering: Long-term optimism?
At the time of writing, the RSI was at a neutral level of 35, which suggests that the market is at indecisive levels.
Hence, market sentiment shows low investor confidence, especially in the short-term, but high confidence in the long-term.
Looking further, according to data from Santiment, RNDR’s social volume is at medium to low levels. This indicates that public interest in cryptocurrencies has declined.
This means that prices could reverse as the market moves in the opposite direction of public expectations.
According to Santiment’s forex inflow data, RNDR has seen low forex inflows. Typically, low forex inflows mean less selling pressure and investors are confident in long-term investments.
Despite the continued decline in prices, market sentiment suggests a possible reversal in the future, with an upward trend.
