RENDER (RNDR) Flashes Red, Loses 18% Value As Bearish Sentiment Remains Supreme

Bearish sentiment remains supreme in the market today as RENDER flashes red, losing more value on the weekly timeframe.

The cryptocurrency market has been battered by a wave of bearish sentiment in recent times. As a result, many digital assets have experienced significant losses over the past week. One of the worst hit cryptocurrencies is RENDER (RNDR), which has bled by 18%, the highest loss among the top 100 cryptocurrencies.

According to data from CoinGecko, the token has not performed well in recent times, continuing the bearish market consensus. With the market continuing to underperform, the altcoin might be on the pain train in the next couple of weeks.

However, the market has shown signs of a possible flip in sentiment with Bitcoin (BTC) and Ethereum (ETH) retesting their crucial resistance levels in the short term. But with a macro-packed week alongside the broader market’s optimism, the upside potential for the crypto remains stunted in the short term if the market continues to fall.

After rising by nearly a percent a couple of hours ago, the broader cryptocurrency market has fallen by 10 basis points. This volatility coupled with investor FUD will continue to hinder its upside in the near future. For now, investors should exercise caution as the week might be more rocky for the broader market.

Render: Macroeconomic Indicators As Focal Points This Week

Multiple labor indicators will be released this week by the US Bureau of Labor and Statistics with investors optimistic that the United States economy will have a soft landing. The labor market has been scrutinized as it was one of the primary factors the August selloff occurred.

Forecasts for the payroll indicators are surprisingly optimistic. The Nonfarm Payroll forecast is 164k from the previous 112k, indicating that the market sees a future rate cut.

If this week’s macro indicators flash bullish, the market will see renewed strength with capital returning to cryptocurrencies in the long run. Investors are also eyeing the consumer price index (CPI) releases next week which will signal whether the US Federal Reserve will cut or keep the current rates. Market indices are bullish with the S&P 500 and Dow Jones up by a couple of percentage points in the short term.

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