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

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 price of Render (RNDR) has surged by 225% over the past year, outperforming 88% of the top 100 crypto assets and emerging as one of the best performers in the market. This strong performance has been driven by several factors, including the increasing demand for decentralized rendering services, the token's utility in the metaverse and Web3, and the overall bull market in cryptocurrencies.

Despite the strong performance, the fear and greed index for the Render token remains at 23, indicating extreme fear among token investors. This fear is likely due to the token's high supply inflation, which currently stands at 6.18%. The high token supply and the large number of tokens being minted daily could be putting pressure on the token's price and making investors fearful of further declines.

According to Coincodex, the Render token has a circulating supply of 392.46M RNDR and a market cap of $1.880B, making it the 38th largest cryptocurrency in the world. The token's market cap dominance stands at 0.10%.

The chain broker shows a strong market and financial health rating for the Render token, with a governance score of 96.23 and a global security ranking of #758. The token is designed to be used for decentralized rendering services, and it has strong governance and community involvement.

In terms of holder distribution, 40% of the total holders are profitable, while 53% are experiencing a loss. The large holder concentration is 82%, indicating that a small number of large holders have a significant influence on the token's price movements. Additionally, 26% of holders have held the token for more than 1 year, suggesting a long-term holding strategy among some investors.

sellers are dominating over the RNDR price

The long liquidation for the Render token is showing higher longs worth $117.95K being liquidated. On the other hand, shorts worth $23.46K are getting liquidated, indicating the bear's dominance in the RNDR price.

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

The open interest for the Render token has increased by 6.4% in the last 24 hours, showing an advance in the token's derivatives' open positions. The long/short ratio for the token is 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.

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

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