RNDR Price Witnessed Surge In Recent Days: Where Is It Heading?

• The Render Network token price was rated in the A tier, as per Certik Skynet.
• The RNDR token’s treasury advanced by 6.2% in the last 30 days, resulting in $647.54M.

Render Network (RNDR) price advanced by 225% in the last 1 year and outperformed 88% of the top 100 crypto assets. It was further traded in green for 15 days in the previous 30 days.

The fear and greed index for the Render token was 23, showing extreme fear among token investors. The token’s supply inflation was certainly high, resulting in 6.18%. It was followed by a circulating supply of 392.46M RNDR.

The RNDR token price advanced by 2.1% in the last 24 hours from the time of writing. This followed a market cap value of $1.880B, making it the 38th largest cryptocurrency in the global crypto market. The token’s market cap dominance further was 0.10% as per Coincodex at press time.

The chain broker showed a strong market and financial health rating for the Render token. The token’s governance score was also strong, resulting in 96.23 and a global security ranking of #758.

Render Crypto’s 40% of the total holders were profitable, and 53% witnessed a loss. The large holder’s concentration in the token was 82%, and 26% of its holders held it for more than 1 year.

Sellers Dominating Over The RNDR Price

The long liquidation for the Render token witnessed a higher long liquidation of $117.95K. Against this, shorts worth $23.46K were liquidated, showing the bear’s dominance in the RNDR price.

The RNDR token price witnessed a surge of 32% in its traded volume in the last 24 hours, valuing $90.14M. This showed a rise in demand for token derivatives among investors.

The Render token’s open interest increased 6.4% in the last 24 hours. This led to an advance of the token’s derivatives’ open positions, and the long/short ratio of the token was 0.8365.

Will Breakout in RNDR Token Technical Chart Drive The Price To Higher Levels?

The RNDR price has experienced consistent profit-taking over the past five months, leading to a significant decline.

This sustained selling pressure has resulted in a descending triangle pattern. It is a bearish technical indicator that suggests the possibility of further downside movement.

Since March 2024, the RNDR token price has been facing heavy downward pressure. It was accompanied by price plummeting by 70% from a swing high of $13.62. This sharp drop has reinforced the bearish sentiment around the token.

However, recent price action indicated a breakout in the RNDR token, though the momentum behind this move has been weak. Suppose the price breaks above the critical resistance level of $7.30. It could trigger an uptrend, potentially leading to higher prices.

Render Token Price Technical Indicators Continue To Indicate Weakness

RNDR has been facing sustained pressure, consistently trading below the 200-day EMA for the past 40 days. The formation of a death cross on the daily chart has amplified this prolonged decline.

Additionally, the 50-day EMA has crossed below the 200-day EMA. It signaled the continuation of a strong bearish trend.

RNDR/USD Chart by TradingView.com

Further reinforcing the negative outlook, the MACD and signal lines have entered a death crossover, with both indicators trending downward. This convergence suggested a lack of bullish momentum, pointing to the potential for continued downward movement in the RNDR price.

Additionally, the RSI has weakened, dropping below the critical 50-level and the 14-day SMA. It has entered the oversold zone, highlighting increased selling pressure and a general absence of buying interest. This decline reflected a bearish cycle in the RNDR token price action.

The key support levels for RNDR stand at $2.20 and $4.00, while resistance levels are at $7.20 and $10.70. These levels will be critical in determining the token’s next price movement phase.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.