Render Price Plunges 3% As Bears Dominate Market: What Next for RNDR?

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As a seasoned researcher with over two decades of market analysis under my belt, I have seen countless bull and bear markets come and go. The current trend of Render (RNDR) is no exception to this rule. Despite its recent downturn, I remain cautiously optimistic about RNDR’s long-term potential, given its impressive year-to-date performance.

As an analyst, I’ve observed a substantial decrease in the price of Render (RENDER), dropping by approximately 15% within the last month. However, it’s crucial to note that this cryptocurrency is still up by a staggering 235% compared to its value at the start of the year. At present, the market trend for RENDER appears bearish. This is indicated by the altcoin consistently reaching lower highs over the past few days, a pattern that suggests a potential continuation of this downtrend.

Yesterday, the price of Render (RNDR) saw some ups and downs, reaching a low of $5.78 and a high of $6.19. Looking back, it’s clear that it’s made a tremendous jump from its all-time low of $0.03676 on June 16, 2020, indicating a strong long-term growth trend. However, it’s also important to note that it’s currently 55.78% below its all-time high of $13.60, which it reached on March 17, 2024. As a crypto investor, I find this journey intriguing and am eagerly watching how things unfold in the future.

Render Price Forecast: Will Recent Decline Continue or Rebound Soon?

The cost of RENDER has been decreasing lately due to the recent market adjustments. At present, the RENDER price stands at $6.02 over the past 24 hours, dropping by 3% during U.S. trading sessions. This AI-driven cryptocurrency has remained near the $5.90 mark, with its ups and downs suggesting a turbulent market mood.

Since early July, Render’s pricing has remained within a steady bandwidth. However, contrary to the general market’s surge, Render witnessed a significant decrease in demand over the past week. This diminished demand has sparked apprehension that the cost of Render might soon drop beneath its established safety thresholds.

Can Bulls Break Resistance and Reverse the Trend?

At present, the backing for Render stands at approximately $5.80. If bears exert significant pressure and the support at this level weakens, there’s a possibility that the price might drop to around $5.50 or even $5.30, suggesting a downward trend and potential additional decreases, indicating a bearish market.

The 4-hour chart for RNDR indicates it might be time to sell due to a bearish signal. The Relative Strength Index (RSI) is currently at 37, meaning the asset could be close to being overbought. If the price starts rising again from this point, it could present a good opportunity to buy. Additionally, the 20-day moving average is below the 50-day moving average, which suggests that sellers are in control at the moment.

As a crypto investor, I’m observing a potential shift in the market trend based on the Moving Average Convergence Divergence (MACD). Specifically, the MACD line has dipped below the signal line at -0.1386, which is typically a sign of a bearish trend. However, there seems to be a subtle increase in the histogram, indicating that the downward momentum could be easing off. This might mean it’s time to keep a close eye on the market for potential opportunities.

Render Price Plunges 3% As Bears Dominate Market: What Next for RNDR?

The cost of Render is currently being rejected at $6.1. However, if buyers regain control and manage to drive the price above $6.5 and later $7, this could indicate a bullish breakthrough.

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2024-07-31 20:22