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Will Render (RNDR) Price Save Face From Downtrend?
Render (RNDR) price has fallen below its bearish trend, signaling that losses continue to mount on the network.
However, that has yet to scare away some investors, whose conviction could help the recovery.
Render investors display mixed signals
The price of Render has suffered a considerable drop last month. During this time, investors lost a huge chunk of their money, and many even pulled back. The overall Artificial Intelligence (AI) space witnessed a bearish move impacting other similar tokens as well. Speaking about the same, Akshay Nassa – Founder of Chimp Exchange, exclusively told BeInCrypto,
“For the crypto markets, it was a volatile week. AI tokens such as FET with a market cap of $2.98 billion, RNDR with a market cap of $2.53 billion and GRT with a market cap of $1.75 billion witnessed a substantial decline. Despite the volatile nature of AI tokens in the crypto market, their value propositions are compelling.”
Render’s Chaikin Money Flow (CMF) illustrates this well, as it has been stuck in a downtrend for the past two months. It is currently below the zero line, indicating significant outflows. This typically means increasing selling pressure.
Render CMF. Source: Trading view
Despite this bearish signal, another key metric tells a different story. Render’s Mean Coin Age continues to show an increase. This metric measures the average age of coins on the network, indicating how long coins have been held.
An increase in Mean Coin Age suggests that most investors are holding onto their coins, showing strong conviction. This behavior contrasts with the selling pressure indicated by the CMF.
Read more: How to Buy Render Token (RENDER) and Everything You Need to Know
The combination of these factors can lead to potential consolidation in the price of Render. Although selling pressure is present, long-term investors’ holding of the position suggests that a significant price decline can be avoided.
RNDR Price Prediction: Breaking Another Resistance
Render price was observed a 40% decline in the past few days, invalidating several support levels. The altcoin fell from $11 to $6.7 in a month, stabilizing above the $6.3 support line.
Mixed signals from investors, however, suggest consolidation above $6.8 and below $8.0. This range has been tested before, and the same could happen again as the market is still volatile.
Read more: Render Token (RNDR) Price Prediction 2024/2025/2030
However, if the upper limit of $8.0 is breached, the Render price may rise to $9.0 or higher. This would invalidate the bearish neutral thesis to push the altcoin towards recovery.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our Terms and conditions, Privacy PolicyIt is Disclaimers have been updated.