Render (RNDR) Price Prediction: Bulls and Bears Exhibit Mixed Signals as Price Drops 40%

Render's (RNDR) price slipped below its downtrend, signaling losses are continuing to rise on the network. However, this still has not put fear

Render (RNDR) encountered further losses this week as its price slipped below a downtrend line, continuing a losing streak that has seen the network lose a substantial amount of money. However, this has not deterred some investors, whose conviction could still aid in the recovery.

Render investors showed mixed signals this week as the token's price saw a significant drawdown. In the past month, investors lost a huge chunk of their money, causing many to recede. The overall Artificial Intelligence (AI) space witnessed bearishness impacting other similar tokens as well.

Speaking to the same, Akshay Nassa - Founder of Chimp Exchange, exclusively told BeInCrypto,

“For crypto markets, it’s been a volatile week. AI tokens such as FET, with a market cap of $2.98B, RNDR with a market cap of $2.53B, and GRT, with a market cap of $1.75B, witnessed a substantial decline.

Despite the volatile nature of AI tokens in the crypto market, their value propositions are compelling.”

This was evident in Render's Chaikin Money Flow (CMF), which has been in a downtrend for the past two months. Currently, it is below the zero line, indicating significant outflows. This usually signifies an increase in selling pressure.

However, another key metric seemed to be telling a different story. Render's Mean Coin Age continued to show an uptick. This metric measures the average age of coins in the network, indicating how long coins have been held.

An increasing Mean Coin Age suggests that most investors are holding onto their coins, displaying strong conviction. This behavior contrasted with the selling pressure indicated by the CMF.

The combination of these factors could lead to potential consolidation in Render's price. While selling pressure was present, the continued holding by long-term investors suggested that a significant price drop might be avoided.

Render's price saw a 40% decline in the past couple of days, invalidating multiple support levels. The altcoin dropped from $11 to $6.7 in a month, stabilizing above the $6.3 support line.

The mixed signals from the investors, however, suggest consolidation above $6.8 and below $8.0. This range was tested earlier, and the same could happen again since the market is still volatile.

However, if the upper limit of $8.0 is breached, the Render's price could rally to $9.0 or more. This would invalidate the bearish-neutral thesis to push the altcoin toward recovery.

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