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- 1 The Render crypto asset is displaying bearishness as it declined below the 20 and 50-Day exponential moving averages.
Render is a platform that uses blockchain technology to deliver segregated GPU-based rendering solutions. The Render Token (RNDR) authorizes users who want to generate jobs for those who offer GPU resources.
Can Render Crypto Fall Like a Meteor Soon?
The Render crypto chart is displaying bearishness as RNDR declined below the 20, and 50-Day exponential moving averages (EMAs). If the selling pressure sustains, the price will continue in the downtrend.
The MACD shows a bearish crossover; the histogram is at -0.0179. The RSI is not near the 30 level yet which means RNDR is not , meaning that the asset is not facing much support and more space to fall.
The Render crypto earlier rose upward strongly from around $1.500, the price surged wonderfully and reached a weak high level of $5.300 on the chart.
Earlier, the Render crypto asset rose greatly by 89.21% over the past three months.
However, since last month, the Render crypto has highlighted a bearish behavior, signifying that it has more space to drop as it plummeted by 19.38%. The price came out of the parallel wedge, highlighting the selling pressure.
Moreover, the Render crypto has revealed a sign of a plunge and decline at weak high on the daily chart, as the value declined from a key supply level on the charts.
RNDR crypto is on the verge of a sharp downtrend as it faced strong resistance and slipped from the current level. At press time, the RNDR crypto experienced the latest decline of 2.56% in the last 24 hours, trading at $3.8333.
Moreover, if the RNDR crypto price fails to stay above the $3.50 level, it could plunge further.
On the other side, if the demand for the RNDR surges and shows sustainable strength, the asset price could surge above the weak high from the current level. Then, the next goal for the Render crypto price is to cross $5.50.
Summary
The Render crypto is on the decline on the daily chart, as the value declined from a key supply level. Moreover, if the RNDR crypto price fails to stay above the $3.50 level, it could plunge further.
On the other side, if the demand for the RNDR surges and shows sustainable strength, the asset price could surge above the weak high, from the current level. Then, the next goal for the Render crypto price is to cross $5.50.
Technical Levels
Support Level: $3.5
Resistance Level: $5.5
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.