Render (RNDR) is facing a potential bearish trend as recent declines have triggered substantial selling among investors. With just 60% of investors presently in profit, the profit/loss ratio has fallen to an eight-month low. This indicates a precipitous drop in market confidence.
#Render ( $RDNR) Faces Sell-Off as Investor Losses Mount https://t.co/u1cTiDffvP #altcoins
— altbtc.cc (@altbtc_cc) June 17, 2024
Activities have surged significantly over the last few days, hitting a monthly high, which is indicative of increased investor nervousness. Increased selling pressure as investors try to cut losses with spikes in the network’s realized profit/loss indicators indicates that RNDR is still trending downhill. The state of the market indicates that this cryptocurrency will likely continue to decline.
Key Render Levels To Watch – June 18
The chart for RNDR/USD shows a bearish trend, with the price breaking below the ascending trendline and key support at $8.1220. The RSI (Relative Strength Index) is at 33.10, indicating that the asset is approaching oversold conditions, which may signal potential temporary relief.
The current price is below the 9-day SMA, reinforcing the bearish outlook. If the price fails to reclaim the $8.1220 level, it may target the next support levels at $6.3190 and potentially $5.6800.
RNDR Key Levels
Resistance Levels: $8.1220, $11.5820, $12.0200
Support Levels: $6.3190, $5.6800, $3.3740
Render Metrics
Total Market Capitalization: $2.32T
Render Market Capitalization: $2.74B
Render Volume: $293.85M
Market Rank: #29
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