Render’s (RNDR) price slipped below its downtrend, signaling losses are continuing to rise on the network.
However, this still has not put fear in some investors whose conviction could help the recovery.
Render Investors Exhibit Mixed Signals
Render’s price has noted a considerable drawdown over the past month. During this time, investors lost a huge chunk of their money, and many even receded. The overall Artificial Intelligence (AI) space witnessed bearishness impacting other similar tokens as well. Speaking to the same, Akshay Nassa – Founder of Chimp Exchange, exclusively told BeInCrypto,
“For crypto markets, it’s been a volatile week. AI tokens such as FET, with a market cap of $2.98B, RNDR with a market cap of $2.53B, and GRT, with a market cap of $1.75B, witnessed a substantial decline.Despite the volatile nature of AI tokens in the crypto market, their value propositions are compelling.”
Render’s Chaikin Money Flow (CMF) shows this well, as it has been stuck in a downtrend for the last two months. Currently, it is below the zero line, indicating significant outflows. This typically signifies an increase in selling pressure.
Despite this bearish signal, another key metric tells a different story. Render’s Mean Coin Age continues to show an uptick. This metric measures the average age of coins in the network, indicating how long coins have been held.
An increasing Mean Coin Age suggests that most investors hold onto their coins, showing strong conviction. This behavior contrasts with the selling pressure indicated by the CMF.
Read More: How To Buy Render Token (RENDER) and Everything You Need To Know
The combination of these factors could lead to potential consolidation in Render’s price. While selling pressure is present, the continued holding by long-term investors suggests that a significant price drop may be avoided.
RNDR Price Prediction: Breaking Another Resistance
Render’s price has noted a 40% decline in the last couple of days, invalidating multiple support levels. The altcoin has dropped from $11 to $6.7 in a month, stabilizing above the $6.3 support line.
The mixed signals coming from the investors, however, suggest consolidation above $6.8 and under $8.0. This range has been tested before, and the same could occur again since the market is still volatile.
Read More: Render Token (RNDR) Price Prediction 2024/2025/2030
However, if the upper limit of $8.0 is breached, the Render’s price could rally to $9.0 or more. This would invalidate the bearish-neutral thesis to push the altcoin toward recovery.
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.
