The recent price fall of Render’s native token, RNDR, has significantly impacted investor sentiment. The number of investors in profit has plummeted to an eight-month low, with only 60% currently seeing gains. This downturn marks the first instance since October 2023 where profitability for RNDR holders has been so low, reflecting a substantial shift in market sentiment.
In the past two weeks, there has been a noticeable surge in selling activity across the network. This increase in profit-taking has reached a monthly high, indicating growing caution among investors. As losses accumulate, many RNDR holders opt to sell their holdings to offset their losses, exacerbating the bearish trends.
Spikes in the network’s realized profit/loss indicator signal ongoing bearish trends for Render’s price. This suggests that current market conditions may continue to exert downward pressure on the altcoin.
RNDR Price Prediction: Potential Scenarios
As of now, RNDR is trading at $7.72, having fallen below the support level of $8.05. Given the bearish cues, the altcoin could further dip to test the support at $7.46. If the selling pressure continues, RNDR might fall even lower to $6.82, marking a month-and-a-half low.
Bearish Scenario
– Support at $7.46: If this support level fails to hold, RNDR could continue its downward trend.
– Next Support at $6.82: Breaking the $7.46 support could lead to a decline towards $6.82.
Bullish Reversal Scenario
– Bounce from $7.46 Support: If RNDR can bounce off the $7.46 support level and flip $8.05 into a support floor, the bearish thesis could be invalidated.
– Potential Upside: Successfully flipping $8.05 into support could propel RNDR to $8.50 and higher.
Conclusion
Render’s RNDR token is currently under significant bearish pressure due to increased selling activity and declining profitability among investors. The critical support levels to watch are $7.46 and $6.82. A bounce from $7.46 and a successful reclaim of $8.05 as support could signal a potential recovery. However, if the bearish trends persist, further declines are likely. Investors should closely monitor these levels and market sentiment to navigate the current volatility.
