- RENDER worth fell sharply on Monday to an intraday low close to $5.30.
- The RSI studying on the each day timeframe has ranged above 41 since twenty first August.
Bitcoin [BTC] traded barely greater on Monday, eighth October, climbing to a 24-hour excessive of $63,957, in keeping with CoinMarketCap knowledge, earlier than reversing course. The flagship cryptocurrency pulled a number of altcoins alongside it, together with Bittensor [TAO] and Sui [SUI], which had racked up double-digit positive factors on the time of writing.
Memecoins additionally broadly traded within the inexperienced, thriving on a trending, albeit far-fetched, narrative that the memecoin area of interest will gasoline the subsequent crypto market bull cycle.
In the meantime, Render [RENDER], Kaspa [KAS], and Maker [MKR] stood out among the many prime losers on the day. Render’s worth dropped sharply from $5.66 to a 24-hour low of $5.31 on Monday, bringing the help degree round $5.34 into focus.
RENDER’s worth wrestle at key help
RENDER has shed roughly 17% of its worth previously seven days, trimming its year-to-date positive factors to 23%. This show highlights a continued wrestle within the $4.68 to $6.70 vary, the place the worth has been consolidating for 2 months.
On TradingView’s 4-hour chart, RENDER/USDT dipped beneath $5.30 on third October for the primary time since September 21 earlier than recovering above the essential vary forward of the weekend.
Supply: TradingView
RENDER worth retested the $5.40 help once more right this moment however had reclaimed greater floor at press time.
This worth ground, which coincides with the 50-day Easy Transferring Common (SMA) on the each day chart, is important because it shaped a notable resistance for bullish speculators in mid-September.
Particularly, RENDER’s worth rose to a month excessive of $6.81 following a profitable breakout above the resistance on September 21.
RENDER/USDT technical weaknesses
Messari knowledge reveals RENDER has collected a buying and selling quantity of $2.65 billion within the final 30 days, reflecting an 18.43% enhance. The determine is, nevertheless, notably decrease than that of different AI-related tokens like Bittensor’s TAO, whose buying and selling quantity has grown by 170% in the identical interval.
On the each day chart, RENDER/USDT was buying and selling beneath its 20, 50, and 100-day exponential transferring averages (EMAs), signaling bearish sentiment within the quick to medium time period.
The each day Relative Energy Index (RSI) studying of 48 is close to a impartial vary, suggesting that purchasing help is sufficiently assembly promoting stress.
Supply: TradingView
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The mixture of mildly destructive technical indicators, market positioning, and worth decline paints a reasonably bearish outlook for RENDER within the close to time period.
Given the shortage of rapid catalysts, Render’s worth motion is poised to be closely influenced by broader market sentiment.
