- 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.
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.
Is your portfolio inexperienced? Test the Render Revenue Calculator
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.