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Is Render (RDNR) Price About to Lose $10 Support? – These Indicators Suggest So

2 mins
Updated by Ryan James
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In Brief

  • Render price is close to losing the support at $10 and could see a decline to $8.
  • Investors’ participation has seen a massive decline of 55% in the span of five days.
  • Of the investors still active on the chain, about 25% are in profit, signaling profit taking is still likely.
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Render price has been declining for the past two weeks after marking an all-time high in March. But it seems like this sentiment among investors has dissipated.

With declining activity, could RNDR be on the verge of losing crucial psychological support?

Render Investors Back Down

Render price is witnessing bearish cues building up not only because of the broader market cues but also because of its own investors. Active Addresses, which represent the investors participating in the network and conducting transactions, have noted a massive decline.

In the span of a week, these addresses have come from 3,530 to 1,580. This shows that with the decline in price, investors are convinced of further losses, motivating them to pull out and sit still until recovery begins.

Render Active Addresses.
Render Active Addresses. Source: Santiment

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Not only this but upon breaking down the active addresses, it appears that there is still some inkling of profit-taking among RNDR holders. The distribution of active addresses by profitability shows that 77% of the investors are at the money, noting no profits or losses, and another 21% are witnessing profits.

Render Active Addresses by Profitability.
Render Active Addresses by Profitability. Source: IntoTheBlock

Their presence suggests that they intend to book profits before prices fall further and they incur losses. Consequently, the Render price will face further bearishness should this selling intensify.

RNDR Price Prediction: More Downside on the Way?

Render price, if impacted by the above-mentioned bearish cues, could lose the $10 support level to slip to $8.7. If this support floor is lost, the altcoin will likely fall to $8.05 to mark a 20% correction.

RNDR/USDT 12-hour chart.
RNDR/USDT 12-hour chart. Source: TradingView

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On the other hand, if the psychological support of $10 remains unbroken, Render price will potentially have a shot at initiating a recovery. Should it manage to flip the 50 and 100-day Exponential Moving Average (EMA) into support, it would invalidate the bearish thesis.

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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 is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Aaryamann Shrivastava
As a Mass Media (Journalism) graduate, my journey into cryptocurrency journalism has evolved into a distinguished role as an On-Chain Analyst over the past two and a half years. Collaborating with industry-leading media companies like FXStreet, AMBCrypto, and FXEmpire, I’ve delved deeply into the intricate realms of Crypto and Blockchain, crafting over 2,500 meticulously curated SEO-focused articles. Driven by a commitment to excellence, I remain steadfast in delivering the highest caliber...
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