RENDER on the Ropes: Will It Stabilize or Slide into New Lows?

• RENDER is trading around the $4.46 mark after a 7% slip.
• Daily trading volume has surged by over 164%.

The recent recovery attempt of the crypto market has failed to sustain, with the market cap settling at $3.42 trillion. Notably, assets like Quant, Walrus, and SPX6900 hold the top three gainers spot. The mixed signal lingering in the market has triggered the assets to oscillate between highs and lows. 

RENDER, being one of the trending coins, has plummeted by over 7.77% in the last 24 hours. The asset opened the day trading at a high of around the $4.91 level. Instead of trading on the upside, RENDER has slipped as the bears took a solid command, pulling the price back to trade at a low of $4.40. 

The price drop has triggered RENDER to trade within the $4.46 range, with a market cap of $2.31 billion. Meanwhile, the daily trading volume has surged by over 164%, reaching $187 million. As per Coinglass data, $599.49K worth of RENDER has been liquidated in the market over the last 24 hours. 

Is RENDER on the Verge of Another Drop?

The RENDER’s negative trading pattern on the four-hour trading window reveals a sturdy downtrend. A series of red candles reflects a sturdy bearish pressure in the market. The price could retrace to the $4.25 mark. The potent bears might trigger a steep drop to the $4 range. 

Contrarily, if the price chart of the asset paints in green, it typically reflects a bullish signal. RENDER should break above the $4.55 and $4.70 ranges to confirm the potential bullish presence. Further breakout could invite more upside correction for the asset. 

The Moving Average Convergence Divergence (MACD) line and signal line are both found below the zero line. It indicates a negative momentum, and price action is weaker. If it continues to stay below, the bearish pressure will strengthen. RENDER’s Chaikin Money Flow (CMF) indicator, stationed at -0.10, suggests that the capital is flowing out of the asset, with mild selling pressure in the market. 

The current market sentiment of the asset is approaching oversold territory, with the daily Relative Strength Index (RSI) value at 37.11. RENDER’s Bull Bear Power (BBP) reading, settled at -0.331, signals that the bears currently have a slight control over the market. If it keeps declining, it could likely confirm a weakening trend.

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