- Render [RNDR] is showing increased directional activity, a bullish indicator, despite the current bearish market value trends.
- RNDR’s price is down 3% over the past week, trading at $6.55 with a market cap of $2.5 billion.
In recent days, Render [RNDR] has seen increased directional activity, which is usually a bullish indicator, despite its current decline in market value. This development suggests a possible reversal shortly in its price trajectory.
Render’s price has been under pressure, with its value down 3% in the past week and 2% in the past 24 hours, putting it at $6.86 with a market valuation of more than $2.5 billion, according to CoinMarketCap.
Currently, only half of RNDR’s investors are taking profits, but market conditions could be changing.
IntoTheBlock data indicates that Render’s negative performance could be temporary.
Although the RNDR market is predominantly bearish at the moment, as evidenced by an increase in availability of the token on exchanges and a decrease in off-exchange supplies, significant buying activity from large-scale holders, or “whales,” has been observed. This trend typically precedes positive market movements.
Despite the sell-off, analysis of sentiment around Render reveals growing optimism among traders. This is particularly evident in Santiment’s metrics, which highlight an uptick in positive sentiment towards RNDR.
In addition, the Bollinger Bands on the daily chart show that RNDR is testing its 20-day simple moving average as resistance. A break above this level could signal the start of an uptrend.
Other technical analysis supports the possibility of a price rise. The MACD (Moving Average Convergence Divergence) indicator has shown a bullish crossover, suggesting that bullish momentum may be building.
If this trend holds, RNDR could soon rise to $7.72, which would put it on the path towards the $11 mark.
While the immediate trends suggest continued challenges, the underlying movements and whale activities indicate potential for recovery and growth in Render’s market price.
