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- 1 The Render crypto has broken below the 20 day EMA suggesting a weakness in the short term trend.
- 2 The RNDR crypto was trading close to $9.23 reporting a negative intraday loss of 1.8%.
The Render crypto traded with slightly bearish bias on Tuesday and was hovering near the 50 day exponential moving average. The breakdown below the 20 day EMA on the daily chart confirms the presence of bears in the short term.
Recently, the RNDR price jumped after testing the 50 day EMA. However, it could not sustain for more on the higher side and fell back near the 50 day EMA. The breakout or breakdown below the 50 day EMA may indicate the next clear trend.
On the lower side, the price may fall more till the previous breakout zone if it fails to get the buyers’ support near the 50 day EMA.
However, if the price bottoms out near the 50 day EMA, it may validate the presence of buyers at the lower levels. The price may stay on the higher side if it surpasses the 20 day EMA.
Render Crypto Volume Analysis
The volume analysis of RNDR crypto demonstrates that the volume received in the last 24 hours was $146.374 Million which is 21.93% less than the previous day’s volume received. Looking at the price vs volume chart, it can be observed that the volume curve has been bearish in the last few weeks. It reflected a negative impact and RNDR corrected.
The live market capitalization of Render is $3.56 Billion with a drop of 6.48% in the last 24 hours. The volume to market capitalization ratio is 4.14% suggesting low volatility in the market.
Social Sentiment Insights.
The social volume and social dominance are the measures of the social media users’ awareness about the crypto and their acceptance. An increasing value of social volume and social dominance generally depicts a rise in popularity and growth of the crypto.
The above social volume chart of RNDR shows that the curve was flat and constant till January 2024 and witnessed an uptick in February. The social volume jumped from an average of 40 per day to 70 per day. However, in the last two weeks, the social volume dropped slightly.
Technical Outlook Of RNDR Crypto
Render cryptocurrency price has made a broken below the 20 day EMA suggesting weakness in the trend. Currently, the price rests near the 50 and 200 day exponential moving averages suggesting a positive trend is prevailing.
At the time of writing, the relative strength index (RSI) line had withdrawn below the mean line suggesting a weakness in the short term trend. The RSI was at 9.92 points and that of the SMA line was at 47.48 points.
Render Crypto Forecast April 2024
The analysts have a wide range of price targets for April 2024. The most optimistic view of analysts assumes the Render price could advance to a high of $13.30 suggesting a potential gain of over 29.84%. The lower price target which the crypto could attain as per the analysts is $8.09 if breaks below the 50 day EMA.
Conclusion
Render (RNDR) crypto shows a bearish trend, trading near the 50 day EMA after a breakdown below the 20 day EMA. A breakout above the 50 day EMA or further drop below the 50 day EMA could signal the next trend. The long term trends outlook is still positive above the key EMA of 200 days.
The Volume analysis indicates a 21.93% decrease over 24 hours, with a bearish volume trend impacting RNDR’s price. The market capitalization of RNDR crypto has dropped by 6.48% to $3.56 Billion, and a low volume-to-market cap ratio suggests minimal volatility.
Technical levels:
- Support Levels: $8.09 and $5.17
- Resistance Levels: $10.27 and $13.30
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
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.
