SNEAK PEEK
- Render Token price analysis shows a decline in price action.
- RNDR is trading at $1.91 down by 1.51 percent.
- Support and resistance levels stand at $1.89 and $2.05 respectively.
The most recent Render Token price analysis shows that the token is in a bearish trend. The overall crypto market has been under massive downward pressure, and this has caused RNDR to suffer the same fate. However, the recent dip dropped RNDR below the key support level of $2.00, which could be a sign of further downside movements in the coming days if the bearish trend prevails.
The token has been trading in a tight range between $1.89 and $2.05, where it is currently bouncing from the lower end of the range. If the price manages to break above the current resistance level, we could expect some upside momentum which could push RNDR back to its previous highs at around $2.61.
RNDR is currently trading at $1.91, down 1.51 percent from yesterday’s close of $1.95 and well below its all-time high of $7.46 in 2021. The token has been on a downward trajectory for the past week and is now trading at its lowest level in nearly one month. RNDR has also recorded a loss of 25.47 for the past week.
Overall, the whole crypto market is in a bearish pattern, and Render Token (RNDR) has been no exception. Most of the altcoins and major coins such as Bitcoin and Ethereum are facing a prolonged bearish trend. Therefore, traders should keep an eye on the price action of RNDR in order to time their trades accordingly.
RNDR’s market capitalization currently stands at $698 million and the token has a total supply of 530 million coins, with the circulating supply amounting to 366,386,312 RNDR. The 24-hour trading volume for RNDR is reported at around $109 million, according to CoinMarket Cap data.
On the daily chart RNDR is reporting a bearish trend and the Relative Strength Index (RSI) stands at 37.14 which further confirms the downward momentum of this token. Additionally, RNDR has breached the 50-day moving average line indicating that there are more downside movements likely to be seen in the coming days.
The moving average convergence divergence (MACD) indicator is also reporting a bearish trend which indicates that the downtrend will continue. The MACD value is negative at -0.0692 and the signal line is indicating a downtrend too as they both slop down downwards. Furthermore, the Chaikin Money Flow (CMF) value is at -0.12 suggesting that capital outflows are dominating the market and causing more selling pressure on the token.
In summary, the Render Token price analysis shows that it has been facing a downtrend due to the overall bearish trend in the market. The token is currently trading at its lowest level in nearly one month and if the bearish pressure persists, we could see further downside movements.
Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions
