An AI-themed token, Render (RNDR) increased by 13% in the last 24 hours, but the further direction of the token depends on its current price of $7.80 after hitting $8.33 last week.
According to CoinMarketCap data, RNDR has experienced a trading volume increase of 142% in the last 24 hours, rising from $78.17 million on June 23 to $259.91 million. This high activity indicates greater market interest, but it also suggests increased selling pressure.
The In/Out of Money Around Price (IOMAP) indicator shows that 2,760 addresses holding 11.35 million RNDR tokens at $7.19-$7.40 could create resistance at $7.19, while 1,040 addresses with 6.84 million tokens at $6.97-$7.18 offer support around $6.86.
When analyzing the daily chart of Render, it is possible to identify bearish signals with the help of indicators, such as the Chaikin Money Flow (CMF) and the Parabolic SAR. The Parabolic SAR points towards a possible fall in prices while the CMF is negative meaning there is distribution and hence lower prices may be expected.
The Fibonacci Retracement tool also shows support at $6.47 if selling pressure continues. However, defending the price at $6.86 could be followed by a bounce back to $7.71.
However, it is essential to know that the price movement of Render is correlated to Ethereum; thus, a bullish turn in ETH could have a positive impact on RNDR.
The selling pressure on Render (RNDR) is observed after its price drop and the signals may mean the price will continue to fall. However, its connection with Ethereum indicates that it can bounce back if ETH’s price starts to rise affecting RNDR.
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