The price of Render (RENDER), an AI-based token, has been moving within a horizontal channel since July. However, a recent drop in demand raises concerns about a potential price decline below support levels. A horizontal channel indicates a balance between buying and selling pressures, with resistance at $7.20 and support at $5.70. On-chain data reveals a significant decrease in daily active addresses and new address counts, signaling bearish sentiment. Large holders have also reduced their risk exposure, potentially leading to increased selling pressure. If selling pressure continues, RENDER's price could drop to $5.66. Conversely, increased accumulation may push the price to $7.45. This analysis serves as information and not financial advice, urging readers to conduct their research before making investment decisions. Read more AI-generated news on: https://app.chaingpt.org/news

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