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Render Struggles to Maintain Position Within Key Range as Demand Weakens
Jul. 29, 2024. 2 mins. read.
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Since early July, Render (RENDER) has traded between $7.20 and $5.70, showing a stable horizontal channel pattern. Recent demand drops suggest it might fall below its support level.
The price of Render (RENDER), a prominent AI-driven cryptocurrency token, has been hovering within a defined trading range since early July, balancing between a high of $7.20 and a low of $5.70. However, a recent slump in demand suggests that the token might break below its current support level.
Render has experienced a stable trading pattern, known as a horizontal channel, where the price oscillates between two parallel lines: the upper resistance and the lower support. This pattern indicates a balance between buyers and sellers, which keeps the price from making significant moves in either direction.
Despite this stability, Render is at risk of declining below the support level as selling pressure has begun to surpass buying interest. Data from Into The Block reveals a significant reduction in both the daily active addresses and new addresses interacting with RENDER, suggesting a decline in market engagement. “The count of unique addresses that have completed at least one transaction involving RENDER has plummeted by 84% in the past seven days,” the data provider noted. Additionally, the creation of new addresses fell by 77% during the same period.
The decrease in active and new addresses is a clear indicator of a bearish outlook or a waning interest in the market, which typically leads to a downward price movement. Furthermore, Render whales, or large holders, have significantly reduced their exposure to the token. “During that period, the token’s large holders’ netflow has dropped by 99%,” indicating a substantial sell-off from major stakeholders.
This trend presents a critical juncture for Render’s price trajectory. If the selling pressure continues to intensify, it could push the price below the current support level to as low as $5.66. Conversely, a resurgence in buying could reverse the trend, potentially lifting the price above the resistance level to $7.45.
Source: RENDER Consolidates Within Key Range Amid Weakening Demand
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