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- 1 Render crypto has widened losses after the bulls failed to take advantage of the previous gains.
- 2 The daily chart illustrates a consolidation above the recent support level of $7 and below the 50-day EMA.
Render crypto price has extended the losses after the bulls failed to hold the price above the 50-day exponential moving average. the crypto has been trading lower in five out of six intraday sessions showing weakness in the trend.
The major cryptocurrencies Bitcoin and Ethereum are facing corrections which has brought back the bearish days in other altcoins. Let’s dig deeper and to predict the surge or decline in the render token price. Let’s examine whether the crypto would continue to plunge or recover the losses.
Render Crypto Loses 13% This Week: Could It Crash Further?
Render crypto has been trading lower for most of the session this week losing over 13%. The bears have maintained their dominance for five out of six intraday sessions, indicating the seller’s control of the crypto.
On the daily chart, a selloff can be seen after the bulls failed to hold above the 50-day EMA. The price still has room to fall till it reaches $7, which is considered a psychological level and a previous support zone.
The weighted sentiment curve has fallen below the zero line, indicating a bearish sentiment prevailing. The sentiment curve reveals the overall bias of traders and investors about the Render token.
Technical Indicators Suggest A Bearish Continuation!
The technical indicators indicate a bearish outlook in the short term after the RNDR price has fallen below the 50-day exponential moving average. However, the price still hovers above the 200-day EMA, suggesting a positive outlook and further possibilities of recovery in the crypto.
Furthermore, the Moving Average Convergence Divergence (MACD) lines are showing a bearish crossover, suggesting further price decline. Also, the histogram bars seem to be disappearing from the upper side of the zero line, which further confirms a bearish continuation ahead.
Conclusion
Render price has been trading lower for most of the week, losing over 13%. The bears have maintained their dominance for five out of six intraday sessions, indicating the seller’s control of the crypto. The RNDR price has fallen below the 50-day exponential moving average, indicating a bearish outlook in the short term.
However, the price is hovering above the 200-day EMA, suggesting a positive outlook and a possible recovery. The Moving Average Convergence Divergence (MACD) lines showe a bearish crossover, suggesting further price decline.
Technical levels
- Support Levels: $7.04 and $5.17
- Resistance Levels: $9.42 and $11.27
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.
