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- 1 Render fell sharply after the breakdown below the psychological level of $10.
- 2 RNDR price was stabilizing near the 200 day Exponential moving average at press time.
The Render crypto was stabilizing near the 200 day Exponential moving average in recent sessions. The bears were dominating the short term trend as the price slumped nearly 25% in the last two weeks.
RNDR crashed sharply after breaking below the $10 level and made its way towards the 200 day EMA. Moreover, the $7 level may act as a strong demand zone from which the price may bounce back. Moreover, the social metrics seem to be cooling down indicating a waning interest of the investors and community members.
Social Metrics Shows Waning Interest of the Investors
As per the data obtained from a financial website app.santiment.net the social metrics like social volume and social dominance seem to be cooling down. The Social sentiment curve has been on a continuous decline since the third week of may and has dropped to a three month low indicating the losing interest among the community members and investors.
Furthermore, the volume analysis reveals a drop in the demand. The volume inflow was $78.95 Million having dropped by 37.% a day. The volume to market cap ratio at 2.73% suggests a low volatility.
Render crypto ranks 29th with a live market capitalization of $2.86 Billion. Out of a total 532.073 Million RNDR tokens, over 388.65 million tokens are presently in circulation.
Can Bulls Defend the $7 Level?
At the time of writing, Render was trading close to $7.6 reporting a swift intraday gain of 0.20%. On the lower side, the $7 level may act as a strong support and the price may bounce back.
However, if the bulls fail to defend the $7 level, the strong selling pressure may cause a breakdown of the support thus dragging the price close to the $5.5 level.
From a technical point of view, the breakdown below the 50 day EMA has turned the short term trend bearish. At press time, the price looked bearish.
Conclusion
Render (RNDR) crypto chart is displaying a bearish short-term trend, with a 25% price drop in two weeks after the price fell below the $10 mark. At press time, the price stabilized near the 200-day EMA, with $7 as a potential rebound zone.
Moreover, the trading volume has decreased by 37%, and the low volume-to-market cap ratio suggests minimal volatility. RNDR is 29th in market cap at $2.86 Billion, with 388.65 million tokens in circulation.
Currently trading at $7.6, if $7 support fails, the price may loom towards the $5.5 level. The 50-day EMA breach suggests short-term bearishness, while the 200-day EMA could maintain the long-term uptrend.
Disclaimer
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