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- 1 RNDR price witnessed mixed cues and is hovering around the 20-Day EMA mark.
- 2 Buyers are holding the gains decisively and are looking for a pullback.
The RNDR token price action signified an uptrend when it retested the 20-Day EMA support zone in the last few sessions. A long bullish marubozu candlestick was noted, but suddenly sellers have entered the game, and a retracement move was noted this week. The price action reveals a higher high swing formation and is directed to the bull dominance.
At press time, the RNDR token (RNDR) price was trading at $10.40 with an intraday drop of 12.90%, indicating neutrality on the charts. It has a monthly return ratio of 84.90% and 611.89% on a yearly basis. The pair of RNDR/BTC is at 0.000166 BTC, and the market cap is $5.66 Billion. Analysts are bullish and suggest the RNDR price will attain pullback and may cross the upside of $15 soon.
RNDR Hovers Near Support Zone, Is a Correction Pending?
The chart shows that the token is witnessing consolidation and the volume is decreasing this week. Per the technicals, the investors are urging for profit booking and the token may continue to retrace toward the 50-Day EMA mark in the next few sessions. The intraday trading volume dropped by over 30% to $881.27 Million, whereas the price is above the 20-Day EMA mark highlighting neutrality.
Render Price Volatility and Sentiment Overview
Per the Santiment data, the RNDR price volatility has given a spike and surged by over 20% to 0.063, whereas the weighted sentiment data noted fluctuations and then a drop, indicating the neutral data. However, the volatility is below average and did not impact the token much, resulting in the consolidation movement.
Social Dominance and Volume Outlook
This week, the social dominance data witnessed a drop of over 56% to the mark of 0.365% reflecting a drop in the investor interest on social media platforms. Furthermore, the social volume data is neutral and was noted at 65. However, the total amount of holders’ data witnessed a remarkable surge and reached 76.6k, reflecting the demand for the token.
What Does Open Interest Data Suggest?
Per the above data, the market cap of the RNDR token witnessed an impressive spike and surged over 30% to $5.66 Billion this month. However, the derivative data indicates long unwinding data and replicates a decline in the open interest of over 45%.
The total supply of the RNDR token (RNDR) is 530.99 Million and the volume to market cap ratio is 0.156. Per the Fibonacci retracement levels, the token has held above the 50% zone and is trying to surpass the 61.8% zone.
Summary
The Render token (RNDR) crypto price signifies consolidating movement between the price band of $10-$13 this week. Additionally, the token is taking support on the 20-Day EMA mark and may rebound soon.
Technical Levels
Support Levels: $10 and $9.30
Resistance Levels: $11 and $11.90
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
