Most of the crypto market is on the recovery track. However, the Render (RNDR) price chart still shows red bars and other bearish cues.
Render token underperformed other top AI crypots in the last few weeks. The token’s MVRV ratio declined, which is a bearish signal.
A recent recovery from the $3 mark set the stage for RNDR bulls to cover the losses, but due to lack of buying pressure, it started consolidating and hovering around the 20 day EMA mark.
This means that buyers are not confident. The increase in trading volume during the price drop suggests that sellers are eyeing to breach the $4 mark soon.
At press time, RNDR was trading at $4.60 with an intraday drop of 1.90%, reflecting bearish cues on the charts. It has a monthly return ratio of -22.30% and 170.20% yearly, reflecting a short term bearish trend.
Render (RNDR) Price Looks Bearish: Can RNDR Bulls Secure $4?
The daily chart depicts bearish cues, as the token is in a downtrend, trading below the key moving averages. Trading inside a declining channel, it persisted in displaying the lower low ticks.
The Relative Strength Index (RSI) line is currently at 36, reflecting neutral to slightly bearish sentiments. Hovering in the bearish region , it represents that the selling pressure is greater than the buying pressure.
Likewise, the MACD indicator showed a bearish crossover. The MACD line is at -0.087, below the signal line at -0.120, implying bearish momentum.
@Crypto Patel in his tweet said that, RNDR has shown a recovery from its bottom mark of $3 and can go upward.
The token is in the bears’ grip, reflecting sustained bearish pressure. The crypto asset could soon revisit the $4 mark, the support level.
On-Chain Metrics Suggest Negative Outlook
Sustained selling pressure pushed the weighted sentiment data to -0.332, reflecting negative investor sentiment.
Similarly, the development activity data indicated a negative outlook as the value dipped to the 0.048 mark.
Total Liquidation Chart Outlook
Amid the significant price downtick, the short liquidations were noted at $27.2k, whereas the long liquidations were noted at $68.27k, which signifies signs of bearish trend.
The futures Open Interest (OI) fell 5.37% to $19.28 Million, indicating that buyers panicked and unwinded their long positions.
Sustained bearish pressure could drop RNDR to the $4 mark, followed by the $3.50 in the short term.
On the other hand, if the token succeeds to sustain beyond the $5 mark, it may ascend the recovery toward the $5.60 followed by the $6 mark ahead.
