RNDR experienced a 13% decline in the last seven days. However, despite this, there is heighted market optimism.
- RNDR experienced a 13% fall in the last seven days. Market sentiment showed optimism even though the prices have been declining.
Render [RNDR] has experienced a 13 % decline in the last seven days and 1.62% in 24 hrs.
The continued decline has extensively impacted the trading volume in the previous 24 hrs, with a 52% decline according to CoinMarketCap. RNDR’s market cap reduced by 1.52% in the same period to $3.08B.
Source: TradingView
AMBCrypto’s analysis indicated that RNDR has experienced a 31% price decline since the 3rd of June. After trading at $10 at the start of the month, RNDR’s price has experienced a bearish trend overall.
With a resistance level of around $9, it’s trading at $7.9 while trying to retest.
This implies that if it retests at the support level of around $7.2, it will reverse to an uptrend. However, if it breaks down, it might experience a further decline to $5.2.
Market outlook
Source: TradingView
After hitting an ATH of $13 in March, the current market sentiment turned bearish. It experienced a decline over the last two months, with June recording the lowest in the same period.
Despite the attempts to break out, it has failed to reverse to a bullish trend.
In fact, at press time, the MACD reflected the current market sentiment. RNDR’s MACD was negative at -0.32 during press time, signaling a continued bearish trend.
Source: TradingView
Render: Optimism in long term?
At the time of writing, the RSI was at the neutral level of 35, which showed that the market was at an indecisive level.
Thus, the market sentiment showed low investor confidence especially under short-term investments but higher for long term.
Source: Santiment
Looking further, according to Santiment, RNDR has experienced moderate to low social volume. This shows a reduced public appetite for crypto.
This implied a possible reversal in prices as markets went against public anticipation.
Source: Santiment
According to Santiment data on Exchange inflow, RNDR has experienced low exchange inflows. Typically, low exchange inflows mean reduced selling pressure and investors are confident with long-term investments.
Despite the continued price decline, the market sentiment implies a possible reversal in the future to an uptrend.
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