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06/17/2024

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Render (RNDR) Drops 13% in a Week: Will the AI Token Bounce Back Soon?

RNDR has dropped 13% over the past week and 1.62% in the last 24 hours. Despite these declines, the market remains optimistic about its future. The continued decline has significantly impacted the trading...

Render (RNDR) Drops 13% in a Week: Will the AI Token Bounce Back Soon?

RNDR has dropped 13% over the past week and 1.62% in the last 24 hours. Despite these declines, the market remains optimistic about its future.

The continued decline has significantly impacted the trading volume in the past 24 hours, showing a 52% drop according to CoinMarketCap. During the same period, RNDR’s market cap decreased by 1.52% to $3.08 billion.

RNDR Price Analysis: Bearish Trend and Key Resistance Levels

Source: TradingView

According to analysts, RNDR has experienced a 31% price decline since June 3rd. After trading at $10 at the start of the month, RNDR’s price has shown a bearish trend overall.

With a resistance level of around $9, RNDR is currently trading at $7.9 while attempting to retest this level. If it successfully retests at the support level of around $7.2, it may reverse to an uptrend. However, if it breaks down from this support, it might experience a further decline to $5.2.

RNDR Market Sentiment: Continued Bearish Trend

After hitting an all-time high (ATH) of $13 in March, the current market sentiment for RNDR has turned bearish. Over the last two months, the token has experienced a decline, with June recording the lowest levels in this period.

Despite attempts to break out, RNDR has failed to reverse to a bullish trend. At press time, the MACD (Moving Average Convergence Divergence) indicator reflected the ongoing market sentiment. RNDR’s MACD was negative at -0.32, signaling a continued bearish trend.

RNDR Market Analysis: Potential for Price Reversal

At the time of writing, the RSI (Relative Strength Index) was at a neutral level of 35, indicating that the market was at an indecisive point.

The market sentiment showed low investor confidence, especially for short-term investments, but higher confidence for long-term holdings.

Source: Santiment

According to data from Santiment, RNDR has experienced moderate to low social volume, reflecting a reduced public appetite for crypto. This suggests a possible reversal in prices as markets often move contrary to public anticipation.

Source: Santiment

Santiment data also indicated low exchange inflows for RNDR. Typically, low exchange inflows mean reduced selling pressure, suggesting that investors are confident in holding for the long term.

Despite the continued price decline, the market sentiment points to a potential reversal in the future, moving towards an uptrend.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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