As a researcher with experience in analyzing cryptocurrency markets, I find the recent surge of Render (RNDR) intriguing. The token’s 13% increase within the last 24 hours is impressive, but its current price of $7.80 leaves room for further direction.
The value of the artificial intelligence-focused cryptocurrency, Render (RNDR), rose by 13% within the past 24 hours. However, whether this upward trend will continue hinges on its current price at $7.80, having peaked at $8.33 in the previous week.
Based on information from CoinMarketCap, RNDR has seen a notable surge in trading volume, with a significant jump of approximately 142% over the past 24 hours. The volume grew from $78.17 million on June 23 to a current level of $259.91 million. This heightened activity signifies growing market attention but could also indicate increased selling pressure.
The IOMAP (In/Out of Money Around Price) indicator reveals that approximately 2,760 crypto wallets, collectively holding 11.35 million RNDR tokens, lie between the price ranges of $7.19 and $7.40. These addresses might act as resistance and prevent further price increase at the level of $7.19. On the other hand, around 1,040 wallets containing 6.84 million RNDR tokens are situated within the price ranges of $6.97 to $7.18. These addresses could potentially provide support and help in stabilizing or increasing the price around $6.86.
When examining the daily price chart of Render, you can spot bearish trends using various indicators. For instance, the Chaikin Money Flow (CMF) indicator and the Parabolic SAR. The Parabolic SAR suggests an imminent price decline, while a negative CMF value indicates that there is more distribution than accumulation, signaling the likelihood of lower prices in the future.
If selling forces prevail, the Fibonacci Retracement indicator indicates a potential support level at $6.47. On the other hand, a defense of the price at $6.86 might lead to a rebound towards $7.71.
The price of Render tends to follow Ethereum‘s trends closely. Therefore, if Ethereum experiences an upturn, it could potentially lead to good news for RNDR as well.
After a price decrease for Render (RNDR), selling pressure has emerged, which could suggest further declines. Yet, the link to Ethereum implies that if Ethereum’s price begins to rebound, RNDR may follow suit and recover as well.
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2024-06-25 10:13