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- 1 RNDR token price retraced the 100 day EMA mark, signifying neutrality.
- 2 Buyers are trying to settle the gains and looking for a rebound.
The RNDR token price depicts profit booking at highs and retraced by 35% in the past weeks. Moreover, the token has retested the 100 day EMA mark and is poised for a pullback soon. Amidst the negative market sentiment, the sellers did not aggressively drag the token price while the bulls decisively held the gains, resulting in a lower-than-expected selloff.
At press time, the Render token (RNDR) price traded at $7.72 with an intraday drop of 1.22%, reflecting neutrality on the charts. It has a monthly return ratio of -34.20% and 279.19% on a yearly basis. The pair of RNDR/BTC is at 0.000125 BTC, and the market cap is $4.13 Billion. Analysts are neutral and suggest that the RNDR token may settle gains and replicate a bounce soon.
RNDR Price Volume To Profile Outlook On Daily Timeframe
Per the Santiment data, the RNDR token price reflects a retracement move, and sellers are eyeing the $5 mark to catch. Following the market reversal, sellers have persisted in adding short positions and put pressure on the bull army. The intraday trading volume dropped over 11.87% to $264.01 Million signifies low investor interest.
Price Volatility & Weighted Sentiment Analysis
Following the price drop, the token displays notable spikes in the price volatility curve in the last sessions. The price volatility curve noted around 0.023 witnessed an intraday declining to 0.03. However, the weighted sentiment looks negative and stayed below the midline around -0.383.
Social Dominance & X Followers Overview
The social dominance data noted a decline of over 52.40% to 0.14% reflecting a negative outlook. However, the X follower’s data replicated a stable move and sustained near the mark of 1129.
Development Activity & Total Open Interest Insights
The development data witnessed a steady rise. It jumped over 12.67% and reached the upside of 0.238, showing a positive outlook. However, the derivative data signifies long unwinding, reflecting profit booking; the open interest fell over 5.19% to $77.33 Million intraday.
Per the Fib levels, the RNDR price is trading above its 23.6% zone and has reached the mid bollinger band support trajectory. Similarly, the RSI curve has slipped to the oversold region, and a negative crossover was noted on the charts.
The total supply of the Render token is 530.99 Million, whereas the volume-to-market cap ratio is 0.0642, and it is ranked 27 in terms of market cap in the global crypto market.
Summary
The Render token price flipped toward the 38.2% Fib support zone and retested the 100 day EMA mark signifying retracement. Furthermore, the price action signifies a reversal and the token has eroded over 28% of gains in the last two weeks.
Technical Levels
Support Levels: $7.30 and $7
Resistance Levels: $8 and $8.30
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.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
