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Render (RNDR) Price Faces Resistance in Bid to Reclaim All-Time High

2 mins
Updated by Ryan Boltman
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In Brief

  • Render’s price has grown by 10% in the past 24 hours amid the general market rally.
  • This has led the token’s price to attempt to break above a long-term resistance level.
  • However, this may be challenging as the bears do not appear ready to relinquish market control.
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Render (RNDR) is poised to break above the upper line of an ascending triangle in continuation of its most recent uptrend.

Logging a 10% price hike in the last two days, the bulls can push above this resistance level if the current general market trend is sustained. 

Render May Face Some Difficulties 

Render’s double-digit price rally in the past 24 hours may witness a pullback as some of the token key indicators showed that bearish influence remains dominant.

At press time, the dots that make up RNDR’s Parabolic SAR indicator exceed its price. This indicator identifies potential trend direction and reversals in the token’s price.

Render Price Analysis
Render Price Analysis. Source: TradingView

When its dots are above an asset’s price, the market is said to be in decline. This indicates that the asset’s price has been falling and may continue to do so. Market participants interpret this as a sign to exit long positions and open short positions.

Also, the value of RNDR’s Chaikin Money Flow (CMF) was -0.01 at the time of writing. This indicator measures money flow into and out of the RNDR market.

Read More: Render Token (RNDR): A Guide to What It Is and How It Works

Render Price Analysis
Render Price Analysis. Source: TradingView

A bearish signal, indicating a weakening uptrend or a developing downtrend, appears when its value falls below zero

RNDR Price Prediction: Negative Sentiments Meet High MVRV Ratio

The poor sentiment currently trails RNDR is depicted in its negative weighted sentiment spotted on-chain. Subsequently, at -0.29 at press time, this metric shows a dominant negative bias in the online discourse surrounding the asset.

Render Weighted Sentiment. Source: Santiment

This negative sentiment comes at a time when the token’s Market Value to Realised Value (MVRV) ratio is high. As of this writing, this was 231.78%

Market Value to Realised Value. Source: Santiment
Market Value to Realised Value. Source: Santiment

A high MVRV ratio already suggests a potential correction if the price becomes unsustainable. Therefore, a negative sentiment reinforces this concern, highlighting potential selling pressure that could drive the price down.

Conversely, if selling pressure gains momentum, the token may find it impossible to break above the upper line of the ascending triangle and fall toward $9.8.

Read More: Render Token (RNDR) Price Prediction 2024/2025/2030

Render Price Analysis
Render Price Analysis. Source: TradingView

However, if this bearish projection is overturned, the token’s price may exceed $12.

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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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Abiodun Oladokun
Abiodun Oladokun is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including decentralized finance (DeFi), real-world assets (RWA), artificial intelligence (AI), decentralized physical infrastructure networks (DePIN), Layer 2s, and meme coins. Previously, he conducted market analysis and technical assessments of various altcoins at AMBCrypto, utilizing on-chain analytics platforms like Messari, Santiment,...
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