Render Token (RNDR) Market Analysis: Market Cap Dominance at 0.09%, Price Volatility High at 8.25%

The market cap dominance of the Render token was 0.09%, which represents a good presence of the token in the global crypto market.

The Render (RNDR) token price witnessed a good presence in the global crypto market, with a market cap dominance of 0.09%, at the time of writing. However, the token faced high price volatility, which stood at 8.25%.

The total number of RNDR token holders amounted to 23.9K, and a decline in the number of holders was observed over time. Also, the largest token holder had 0.05% of the total supply, which amounted to 252K tokens.

Moreover, the traded volume of the RNDR token surged by 94% in the last 24 hours alone. It resulted in a traded value of $118.47 million, against which the token’s market cap declined by 16.3%.

Render was ranked as the 41st largest cryptocurrency in the global crypto market, at the time of writing. Its market cap amounted to $1.635 billion. The declining market cap and rising volume further represented a recovery in the token’s price downtrend.

Following the recent decline in the crypto market, the RNDR token price dropped by 69% from its all-time high (ATH) of $13.60. Notably, the token attained its ATH five months prior.

The open interest of the Render token decreased by 31% in the last 24 hours. It reduced the token’s open positions, indicating a lack of confidence among traders.

The token observed higher long liquidations over the last few days, and even in the previous 24 hours, longs worth $939.55K were liquidated. As opposed to this, shorts of $79.66K were liquidated, indicating the bear dominance in the token.

The derivatives traded volume of the token observed an advance of 40%, which resulted in a traded value of $138.22 million.

The RNDR token price observed consistent profit booking for the last five months.

That behavior of the RNDR token price led to a descending triangle pattern formation. Also, the token price started to observe profit booking since March 2024. Its price declined by 70% from the swing high of $13.62.

Furthermore, the most recent price action of the RNDR token price showed a breakdown in the price, indicating sellers’ dominance. It might lead the token price to lower levels in the future.

The RNDR token price traded consistently below the 200-day Exponential Moving Average (EMA) for the last 30 days. It was followed by a death cross of the 50-day and the 200-day EMAs on the daily chart, indicating a bearish trend.

The Moving Average Convergence Divergence (MACD) and the signal line traded in a death crossover, and both metrics traded in a negative trajectory.

The Relative Strength Index (RSI) also declined below the 50-level and the 14-day Simple Moving Average (SMA) and traded in an oversold zone, indicating a bearish cycle in the token price.

The above is the detailed content of Render Token (RNDR) Market Analysis: Market Cap Dominance at 0.09%, Price Volatility High at 8.25%. For more information, please follow other related articles on the PHP Chinese website!