Render’s (RNDR) price drawdown has been a matter of concern for investors, as their losses continue to increase.
This could result in the altcoin potentially dipping to a multi-week low, already losing $8 as support.
Render Investors Opt to Sell
Render’s price fall has led to high selling among the investors, owing to the loss of profits in the last few days. The overall profit/loss distribution of Render’s native token RNDR indicates that the number of investors in profit has reached an eight-month low.
This decline marks the first time since October 2023 that only 60% of investors are seeing gains. This underscores a significant downturn in market sentiment and profitability for RNDR holders.
In addition to this, in the past two weeks, there has been a notable increase in sales across the network. This surge in profit-taking has reached a monthly high, reflecting growing caution among investors. The increasing losses push RNDR holders to offset their losses by dumping their holdings.
Furthermore, spikes in the network’s realized profit/loss indicator are signaling bearish trends for Render’s price. This suggests that the current market conditions may continue to put downward pressure on the altcoin.
Read More: How To Buy Render Token (RENDER) and Everything You Need To Know
RNDR Price Prediction: What Lies Ahead
Render’s price, trading at $7.72, fell below the support of $8.05. The aforementioned bearish cues suggest that the altcoin could dip to test the support at $7.46. If selling pressure intensifies, RNDR could fall lower to $6.82 to mark a month and a half low.
Read More: Render Token (RNDR) Price Prediction 2024/2025/2030
However, bouncing off the $7.46 support and flipping $8.05 into a support floor could invalidate the bearish thesis. This would enable Render’s price to climb to $8.50 and higher.
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 Conditions, Privacy Policy, and Disclaimers have been updated.
