The Render price has flipped bearishly today, plunging 4% with the RENDER/USD trading at $6.27. Despite the sharp decline, its trading volume is up 51% to $58 million, suggesting intense market activity. The artificial intelligence-based token Render(RNDR) was recently rebranded to RENDER. Despite the rebranding, the token has been dropping, leading to some investors losing confidence.
Moreover, the demand for Render has significantly declined, potentially causing its price to fall below long-standing support levels. According to Crypto Copter, he has taken to the X platform, mentioning that “diminished demand could push the Render price below support levels.”
Advertisement
Render Token (RENDER) is experiencing increased selling pressure, oscillating between $7.20 resistance and $5.70 support since early July. Despite the broader market trend, diminished demand could push the price below support levels.#RenderToken #RENDER #Crypto
— Crypto Copter (@cryptocopter) July 29, 2024
Render is a distributed GPU rendering network built on the Ethereum blockchain. It aims to connect artists and studios needing GPU computing power with mining partners willing to rent their GPU capabilities.
Render Statistical Data
Based on Coinmarketcap data:
- RENDER price now – $6.27
- RENDER market cap – $2.45 billion
- RENDER total supply – 532 million
- RENDER circulating supply – 392 million
- RENDER ranking – #35
Render Price Might Keep Dropping as Technical Indicators Emerge Bearish
The RENDER sellers have capitalized on a death cross formed on July 19, driving the coin’s price south. The token fell like a dead weight in the air with no strong guards to keep the bearish sentiments in check. However, the bulls found strong support at around $5.21, regaining composure to prevent further downward losses.
This has led to a tug-of-war between the bulls and the bears, forcing the RENDER price into a consolidation phase. Since the beginning of July, the token’s price has been stuck in a tight range, with the upper limit/resistance at $7.28 and the lower limit/support at $5.21.
This moving period between horizontal support and resistance levels may act as an accumulation period before the bulls initiate a strong move upward. Based on the technical information, there is a tug-of-war between the bulls and the bears, with odds favoring the downside.
The Render price trades below the 50-day and 200-day Simple Moving Averages (SMAs), reinforcing the bearish sentiment in the market. In this case, the $6.93 and 7.82 act as immediate resistance keys, suppressing the bulls against upward movement. Moreover, the Relative Strength Index(RSI) is below the 50-mean level, currently at 43. This suggests that the sellers have the upper hand, and increased selling pressure could breach the $5.21 support level.
In the same way, the Moving Average Convergence Divergence (MACD) worsens the outlook, as it rests in the negative territory. However, the momentum indicator has crossed above the signal line (orange band), tilting the odds towards the buyers. Meanwhile, traders and investors are inclined to buy unless the MACD shifts its momentum.
Will the Bulls Capitalize on the Dip in the Render Market?
The sellers have the upper hand in the one-day chart analysis, which could further lead to the price drop. If the sellers capitalize on the dead cross made by the two moving averages, the token may breach the $5.21 support. In such a scenario, the token might drop to $4.08, a low recorded in February.
Conversely, if the bulls initiate a buyback campaign at this level, they might trigger a rally in the Render market. This could lead to a strong upward movement, with the token flipping the resistance keys into support. Increased buying appetite could see the bulls flip the 50-day SMA into support, propelling the price to $11.6 in the coming days.
Learn More
- Next Cryptocurrency to Explode in July 2024
- Crypto Price Predictions
- Best Solana Meme Coins to Buy In 2024
- HKX Exits Hong Kong market, Shuts Down All its Operations
- NPC Labs Secures $18 Million for GameFi Initiatives
Advertisement
