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Will Render (RNDR) Price Save Face From Downtrend?
Render (RNDR) price has broken below its downtrend, signaling that losses on the network continue to mount.
However, this has not yet scared off some investors, whose belief could help the recovery.
Render Investors Show Mixed Signals
The price of Render has seen a significant drop over the past month. During this period, investors have lost a large chunk of their money and many have even regressed. The entire artificial intelligence (AI) sector has witnessed a bearish trend which has also impacted other similar tokens. Speaking to the same, Akshay Nassa, founder of Chimp Exchange, told BeInCrypto exclusively,
“It has been a volatile week for cryptocurrency markets. 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, have seen substantial declines. Despite the volatile nature of AI tokens in the cryptocurrency 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, which indicates significant outflows. This typically indicates increased selling pressure.
Despite this bearish signal, another key metric tells a different story. Render’s Mean Coin Age continues to show an uptick. This metric measures the average age of coins on the network, indicating how long coins have been held.
A rising Mean Coin Age suggests that most investors are holding onto their coins, demonstrating strong conviction. This behavior contrasts with the selling pressure indicated by the CMF.
To know more: How to Buy Render Token (RENDER) and Everything You Need to Know
The combination of these factors could lead to potential consolidation in the price of RenderWhile there is selling pressure, continued holding by long-term investors suggests that a significant price decline could be avoided.
RNDR Price Prediction: Another Resistance Breakout
Render price has been noticed a 40% decline in the past two days, invalidating multiple support levels. The altcoin has dropped from $11 to $6.7 in a month, settling above the $6.3 support line.
However, mixed signals from investors suggest a consolidation above $6.8 and below $8.0. This range has been tested before and may occur again as the market is still volatile.
To know more: Render Token (RNDR) Price Prediction 2024/2025/2030
However, if the maximum limit of $8.0 is exceeded, the Render price may increase at $9.0 or above. 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 strives to provide 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 PolicyAND Disclaimers They have been updated.