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Render’s (RNDR) price drawdown has been a matter of concern for investors, as their losses continue to increase.
This could result in the altcoin potentially dipping to a multi-week low, already losing $8 as support.
Render Investors Opt to Sell
Render’s price fall has led to high selling among the investors, owing to the loss of profits in the last few days. The overall profit/loss distribution of Render’s native token RNDR indicates that the number of investors in profit has reached an eight-month low.
This decline marks the first time since October 2023 that only 60% of investors are seeing gains. This underscores a significant downturn in market sentiment and profitability for RNDR holders.
In addition to this, in the past two weeks, there has been a notable increase in sales across the network. This surge in profit-taking has reached a monthly high, reflecting growing caution among investors. The increasing losses push RNDR holders to offset their losses by dumping their holdings.
Furthermore, spikes in the network’s realized profit/loss indicator are signaling bearish trends for Render’s price. This suggests that the current market conditions may continue to put downward pressure on the altcoin.
Read More: How To Buy Render Token (RENDER) and Everything You Need To Know
RNDR Price Prediction: What Lies Ahead
Render’s price, trading at $7.72, fell below the support of $8.05. The aforementioned bearish cues suggest that the altcoin could dip to test the support at $7.46. If selling pressure intensifies, RNDR could fall lower to $6.82 to mark a month and a half low.
Read More: Render Token (RNDR) Price Prediction 2024/2025/2030
However, bouncing off the $7.46 support and flipping $8.05 into a support floor could invalidate the bearish thesis. This would enable Render’s price to climb to $8.50 and higher.