Render’s price has fallen to $5.31 as market conditions remain unstable. Next to this, there are basicaly no new development on the project, no reason to hype.
Render will lose key support levels?
Render, along with Kaspa and Maker was among the biggest losers on the day when Bitcoin’s upside mov stopped.
The price of Render dropped sharply from $5.66 to a low of $5.31, bringing attention to the support level around $5.34.
Over the past week, RENDER has lost about 17% of its price, reducing its year-to-date gains to 23%.
On the 4-hour chart, RENDER/USDT dipped below $5.30 on October 3 for the first time since September 21 but then managed to recover above this critical range before the weekend.
The price tested the $5.40 support again today but had climbed back up by the time of writing.
This support level, which aligns with the 50-day Simple Moving Average on the daily chart, is pretty important as it previously acted as a resistance point for bulls in mid-September.
RENDER’s price reached a month-high of $6.81 after breaking above this resistance on September 21.
Technical indicators show weakness
RENDER has seen a trading volume of $2.65 billion over the last 30 days, reflecting an increase of 18.43%, and this figure is way lower than that of other AI-related tokens like Bittensor’s TAO, which experienced a trading volume surge of 170% during the same period.
On the daily chart, RENDER/USDT is trading below its 20, 50, and 100-day exponential moving averages, signaling quite bearish sentiment in both the short and medium term.
Concerning signs
The daily RSI stands at 48, which is close to neutral and suggests that buying support is balancing out selling pressure.
The combination of slightly negative technical indicators and recent price declines creates a moderately bearish outlook for RENDER in the near future.
Without immediate catalysts or positive developments, Render’s price movements will likely be heavily influenced by overall market sentiment, and unfortunately it’s not that good right now.
