RNDR Price Analysis: Bearish Trend and Key Resistance Levels

RNDR has dropped 13% over the past week and 1.62% in the last 24 hours. Despite these declines, the market remains optimistic about its future.

The price of Render Token (CRYPTO: RNDR) has dropped 13% over the last week and 1.62% in the past 24 hours, showing a significant decline. However, despite these drops, the market remains optimistic about RNDR’s future.

The continuous decline has impacted the trading volume heavily in the last 24 hours, showing a drop of 52%, as reported by CoinMarketCap. During the same period, RNDR’s market cap decreased by 1.52%, reaching $3.08 billion.

According to analysts, RNDR has experienced a 31% price decline since June 3rd. After trading at $10 at the start of the month, RNDR’s price has shown a bearish trend overall.

With a resistance level of around $9, RNDR is currently trading at $7.9 while attempting to retest this level. If it successfully retests at the support level of around $7.2, it may reverse to an uptrend. However, if it breaks down from this support, it might experience a further decline to $5.2.

After hitting an all-time high (ATH) of $13 in March, the current market sentiment for RNDR has turned bearish. Over the last two months, the token has experienced a decline, with June recording the lowest levels in this period.

Despite attempts to break out, RNDR has failed to reverse to a bullish trend. At press time, the MACD (Moving Average Convergence Divergence) indicator reflected the ongoing market sentiment. RNDR’s MACD was negative at -0.32, signaling a continued bearish trend.

At the time of writing, the RSI (Relative Strength Index) was at a neutral level of 35, indicating that the market was at an indecisive point.

The market sentiment showed low investor confidence, especially for short-term investments, but higher confidence for long-term holdings.

This article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice

News source：https://www.kdj.com/cryptocurrencies-news/articles/rndr-price-analysis-bearish-trend-key-resistance-levels.html

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