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- Render trades at $3.70 after a 2.44% drop, while trading volume sinks 53.05% to $48.02 million in one day.
- Signaling weak momentum and sustained bearish pressure, the RSI is currently at 47.83, and the MACD remains negative.
- Resistance at $5.50 and support at $2.60 are key levels, and a break of $1.49 could extend the risk lower.
Render (RNDR) is currently trading at $3.70, representing a 2.44% loss over the past day. Moreover, there is a 53.05% decrease in trading volume to $48.02 million. These values indicate lower activity and pressure on the token in the short run.
Source: CoinMarketCap
The coin declined by 7.76% in the previous seven days, continuing its downward movement. The performance suggests poor market momentum and a persistent bearish mood in the market.
Render Holds Key Levels as Bullish or Bearish Trend Looms
Analyst More Crypto Online highlighted that Render is accumulating after an impressive revival since the 2022 lows. The first level that can indicate new momentum he identifies as $5.50. However, a break above this point could trigger resistance at around $12. A break of that level would result in a long-term target of roughly $17.40, indicating possible growth upward in the event of a turnaround in the sentiment.
The support levels are also significant to watch. The initial defense point is at the June low of $2.60. A crash below this level would be an indication of more weakness and would expand the correction. The stronger bearish confirmation would be a decline below 1.49. This may send Render even lower to $0.43 and beyond.
Source: X
Also Read: XRP Under Pressure as Analysts Warn of $2.60 Breakdown
Trading Activity Declines in Derivatives Market
According to CoinGlass data, the open interest in derivatives decreased by 1.21 percent, bringing it to a current value of $129.31 million. The volume of trading has declined by 38.92 percent to $119.20 million. The OI weighted funding rate remains at 0.0064%. These figures indicate low leverage and low speculative demand.
Source: CoinGlass
Technical Signals Weak Momentum and Bearish Pressure
The Relative Strength Index (RSI) is neutral, and there is weak momentum. The RSI is currently at 47.83, below the 50 mark. Such reading indicates market split and indecisiveness as buyers cannot take control. An upward trend above 50 would be a sign of strength, but the current value states that selling pressure is still persistent.
Source: TradingView
The MACD line has a value of -0.025681, whereas the signal line has a value of -0.014075. The histogram is negative at -0.011606. These figures prove that downward pressure is still present.
Render remains weak with low trading activity and negative technicals. RSI and MACD signal bearish momentum, and the derivatives data suggests lower participation. The $5.50 resistance as well as the support of $2.60 are important levels that will determine the next trend of Render.
Also Read: Whales Move $50M XRP to Coinbase as Ripple’s SEC Case Officially Closes
