Render Token (RNDR) reached approximately $6.50 on Monday, July 15, reflecting a 13% gain over the weekend, aligned with the broader uptrend in the global cryptocurrency market.
Despite this positive movement, on-chain data indicates that retail traders remain skeptical about the potential for further price increases.
Render Token (RNDR) Price Analysis: Recent Boost and Future Outlook
RNDR, the native token of the Render Network—a protocol for GPU computing power rendering—has experienced significant market volatility over the past month. Following a mild rally in June, driven by bullish trends from NVIDIA’s impressive stock market performance, major crypto AI tokens like RNDR have generally trended downward.
Recent bullish macroeconomic data from the US, particularly the dovish Consumer Price Index (CPI) report released on Friday, July 12, has positively impacted RNDR’s price. After dipping to $5.68 amidst market volatility, RNDR saw a substantial recovery over the weekend. By Monday, July 15, the token had surged 13% to around $6.48.
Despite this recent positive momentum, on-chain metrics suggest that bears might attempt to drive the price down again in the near term. Traders should remain cautious as the week progresses, given the potential for a pullback.
RNDR Faces Potential Downturn Despite Weekend Gains
Despite a notable 13% increase over the weekend, recent on-chain data reveals that short-term traders remain skeptical about a sustained price breakout for RNDR.
According to IntoTheBlock’s Exchange Order Books data, which tracks buy and sell limit orders across major crypto trading platforms, current market sentiment among RNDR traders appears cautious. The “Ask” side of the chart shows that sellers have listed 6.5 million RNDR tokens at an average price of $6.48. In contrast, the “Bid” side reveals that buyers have only placed orders for 5.3 million RNDR tokens at current prices.
This market imbalance, with an oversupply of approximately 1.2 million RNDR tokens worth about $42 million, suggests potential downward pressure on RNDR’s price. Unless new demand emerges, sellers might need to lower their prices to fill their orders, leading to possible short-term volatility in the token’s value.
Render Token (RNDR) Price Analysis: Key Support and Resistance Levels
The RNDR token is currently trading at about $6.43, showing a modest 3.94% increase over the past 24 hours. Despite this short-term gain, technical indicators suggest potential challenges that could put the $6.0 support level at risk.
The Relative Strength Index (RSI) is at 42.19, below the neutral 50 mark, indicating that the token remains in bearish territory. This suggests ongoing selling pressure and the possibility of further downside risk.
The critical support level to monitor is $6.0. A breach below this level could lead to increased selling pressure, potentially driving the price down to around $5.50. Conversely, if RNDR manages to hold above $6.0 and build upward momentum, it could set the stage for a bullish reversal in the coming weeks.
Fibonacci retracement levels reveal that immediate resistance is around the 0.618 Fibonacci level at $7.30. A break above this resistance could lead RNDR to test higher resistance levels around $8.0 and beyond. However, failure to overcome this resistance may result in RNDR retreating to lower support levels.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.