Render (RENDER) Upside Swing Sees a Contraction

As of the time of writing, the price of the Render token holds more than 12% of the recorded gains today. However, the market has seen a considerable price decline. This saw the market contract from above $11 to trade above $9. Be that as it may, the price action still sits above important technical marks.

Statistics:

RENDER Price: $9.69

Render Market Capitalization: $5.04B

RENDER Circulating Supply: 517.69M

Render Total Supply: 532.45M

RENDER CoinMarketCap Rank: 32

Key Price Levels:

Resistance: $10, $12, $14

Support: $8, $6, $4

Render Sits on 50 Fibonacci Retracement Level

The RENDER market has seen a significant price move in today’s trading. However, the last price candle can be seen sitting just above the 50 Fibonacci Retracement level. Additionally, trading activities are still occurring above all the Moving Average (MA) lines.

At the same time, the Stochastic Relative Strength Index lines have risen into the overbought region and have delivered a bullish crossover there. Despite price movements, the Stochastic RSI lines aren’t hyper-extended but maintain an upward trajectory just below the 80 mark of the indicator. Going by indicator signs, this market seems primed for more upward movements.

Downward Rejection at a Critical Point

While the Render daily chart has shown that this market may proceed upwards, the 4-hour market has a bearish perspective of the market. The last price candle on this chart appears to be a long red candle, plunging the market sharply towards the $9.50 threshold. However, this token continues to trade above the MA lines.

The Stochastic RSI lines, however, appear quite mangled but still approximately around the 50 mark of the indicator. This seems a critical point, as a significant fall below the 50 mark may hint at more sizeable price declines. Nevertheless, price action remains above all the MA lines, hinting that buyers may still hold their ground for a continued upside correction through the $10 mark.

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