The crypto market has witnessed a correction in the price of Render Token (RNDR). Despite the downturn, experts argue that this dip may present a golden opportunity for investors.
Crypto analyst Crypto Kindie recently shared insights on RNDR’s monthly performance. The token’s price has fallen below the critical $7.2-7.5 support zone, breaking out of its previous range.
However, Kindie suggests this movement might be part of a larger market cycle.
RNDR Market Manipulation or Opportunity?
Kindie explains that RNDR’s price action follows a common pattern in high timeframe (HTF) charts. This pattern typically consists of three phases: accumulation, manipulation, and expansion. Currently, RNDR appears to be in the manipulation phase.
$RENDER MonthlyAnother Monthly comes to a close, let's break down $RNDR on the HTF Price has dropped out of the Monthly range to the downside. $7.2-7.5 was the zone we wanted to see hold to maintain range structure.BUT… it's not the end of the world, and likely… pic.twitter.com/Av1WNYnzQU
— Crypto Kindie (@CryptoKindie) August 1, 2024
The analyst points out that RNDR is still trading around its previous cycle’s all-time high monthly close. This fact suggests the token maintains an overall bullish outlook.
Kindie predicts that once the price reclaims the $7.2-7.5 range, RNDR could enter an expansion phase.
Historical Context and Investor Sentiment
Comparing the current correction to previous market cycles, Kindie notes that RNDR’s 57% drop aligns with last summer’s 55% decline. However, in earlier cycles, the token saw even more substantial corrections of 71% and 86%.
Interestingly, RNDR rebounded to new all-time highs within months following these deep corrections. Kindie advises investors to be wary of becoming overly bearish during price lows, as this often precedes rallies.
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A Contrarian Perspective
Crypto analyst Kyren offers a contrarian view on the current RNDR situation. Kyren highlights the shift in investor sentiment, noting how many complained about missing out on RNDR a few months ago.
Now, with RNDR down 61% from its all-time high, Kyren sees an “INSANE opportunity” for investors. The analyst argues that RNDR’s fundamentals have strengthened, citing the implementation of BME deflationary token burn.
A few months back everyone was complaining about not getting into $RNDR enough.Now $RENDER is presenting an INSANE opportunity down 61% from ATHs.• Fundamentals have gotten stronger• BME deflationary token burnYet everyone's scared now that price is down.But just a few… pic.twitter.com/VBk4rKVqer
— Kyren (@noBScrypto) August 1, 2024
Strengthening Fundamentals Amid Price Correction
Kyren emphasizes that RNDR’s core value proposition remains intact. The project continues to benefit from strong narratives in the AI and Decentralized Physical Infrastructure (DePIN) sectors. These remain leading themes in this crypto cycle.
The analyst urges investors to consider the long-term potential of RNDR. Kyren suggests that such buying opportunities may not last indefinitely, encouraging followers to “act accordingly” based on their investment strategies.
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