Render (RNDR) Price Capped Inside Falling Channel, But Social Dominance Noted An Uptick

In a declining market trend, the Render (RNDR) price gained momentum and recouped over 45% in the last three trading sessions.

Render (RNDR) price encountered a quick reversal from the lower demand trendline in the past week. Following the market-improved sentiments, the price tried to shift the gains upward. Howeverاعدة A continuous selling pressure pattern on RENDER in the one-day chart has made a falling channel for the past few weeks. It retested the channel lows of $3 this week.

Afterward, with the suddenly increased volatility and demand resurgence, the token price took support at the bottom and triggered a bounceback. However, the price was still hovering below the key moving averages and remained in a significant downtrend.

Render token on the daily chart showed a rejection candlestick and gained a reversal in the last trading sessions. Taking a reversal from the $3.00 mark, the token has completed the correction phase and is ready for a reversal ahead.

The recent correction is due to the broader market selloff and significantly heightened volatility. The token was discounted over 65% from its 52-week high mark of $13.60 in the last three months.

At press time, the Render token trades at $4.91 with an intraday surge of 2.83%. It reflects a minor pullback on the chart. Its trading volume dropped by over 44% to $13.98 Million, indicating a decreased buying optimism in the past 24 hours.

Regarding the market cap, Render was ranked at 45 with a market cap of $1.94 Billion.

@Crypto Gorilla, in his post, highlighted that the Render token price has retested the demand trajectory and recouped well.

Still seeing green on the charts! Thats GOOOD.

This week's been rough, so this is far BETTER.

Feeling good about $RENDER, it's climbing like a vine! Moving towards $7 already and that's where the next resistance is at! ?? pic.twitter.com/qE9UHDdrGp

The RSI curve was situated at 35, directing a bearish overview. It has been on the verge of forming a crossover shortly. Likewise, the token was still far from the 20-day Exponential Moving Average, and was willing to retest it soon.

The price action signified a sell-on high structure, and the token continued to trade under the bearish influence. Still, the token loomed below the key moving averages and directed the short-term bearish stance. The declining trend may continue ahead until the token does not cross the $5 mark.

The follow-on lower low swings with an increased volume activity signified the seller’s optimism to break the channel lower end.

Amidst the price recovery, the media buzz for the RNDR token noted an increase. The incremental move in the dominance curve conveyed increased investor chatter and online discussions on the media platforms.

Render token’s network growth remained flat, and a decline was noted. It highlighted a concern regarding the growth aspects amid the market’s negative sentiment.

The futures Open interest dropped over 6.26% to $17.22 Million. This implied that sellers were trapped at the bottom. As sells began to cover their positions it triggered a price rise.

The Render token has hovered close to the $5 mark. The first tab for immediate support was around the $4.40 mark. If the level fails to hold, it may slide toward the $3.80 mark.

Conversely, if it sustains and closes over $5, the bullish wave will lift the token toward the upside mark of $5.90. That would be followed by the $6.20 mark ahead.

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