Render’s price is currently experiencing a downturn, influenced not only by broader market trends but also by its own investors’ actions. This article aims to understand Render's (RNDR) price analysis and insights into investor sentiment.
Render Investors Back Down
Render price is witnessing bearish cues building up not only because of the broader market cues but also because of its own investors. Active Addresses, which represent the investors participating in the network and conducting transactions, have noted a massive decline.
Within a week, these addresses have gone from 3,530 to 1,580. This shows that with the decline in price, investors are convinced of further losses, motivating them to pull out and sit still until recovery begins.
Render Active Addresses. Source: Santiment
Not only this but upon breaking down the active addresses, it appears that there is still some inkling of profit-taking among RNDR holders. The distribution of active addresses by profitability shows that 77% of the investors are at the money, noting no profits or losses, and another 21% are witnessing profits.
Render Active Addresses by Profitability. Source: IntoTheBlock
Their presence suggests that they intend to book profits before prices fall further and they incur losses. Consequently, the Render price will face further bearishness should this selling intensify.
RNDR Price Prediction: More Downside on the Way?
According to data from BeInCrypto, if the Render price is impacted by the above-mentioned bearish cues, it could lose the $10 support level to slip to $8.7. If this support floor is lost, the altcoin will likely fall to $8.05 to mark a 20% correction.
RNDR/USDT 12-hour chart. Source: TradingView
On the other hand, if the psychological support of $10 remains unbroken, Render price will potentially have a shot at initiating a recovery. Should it manage to flip the 50 and 100-day Exponential Moving Average (EMA) into support, it would invalidate the bearish thesis.
Render (RNDR) Trading Volume
RNDR tokens can be traded on centralized crypto exchanges. The trading volume of Render (RNDR) is $250,240,238 in the last 24 hours, an increase from one day ago and signaling a recent rise in market activity.
Render (RNDR) Price
The highest price paid for Render (RNDR) is $13.53, which was recorded on Mar 17, 2024. Comparatively, in the last 24 hours by this time writing, the current price is $9.34 and 8.2% decrease.
Render (RNDR) Market Cap
Market capitalization of Render (RNDR) is $3,566,506,104 and is ranked 38 on CoinGecko today. Market cap is measured by multiplying token price with the circulating supply of RNDR tokens (380 Million tokens are tradable on the market today).
Source: CoinGecko
Conclusion
The recent downturn in Render price, accompanied by a significant decline in Active Addresses, highlights the cautious sentiment among investors. While the possibility of further downside exists, the psychological support at $10 presents an opportunity for potential recovery. However, investors remain alert, closely monitoring key indicators and market changes to navigate the uncertainties ahead in Render’s price.
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