Render price has seen a notable fluctuation recently. After the market recovery on the previous day, trading patterns showed significant activity, with bulls and bears competing vigorously. The tug-of-war between buying enthusiasm and selling pressure created dynamic price movements. This volatility reflects the broader market sentiments, as most cryptocurrencies have seen similar trends.

Render Price As Significant Decrease in Large Transactions

According to data from IntotheBlock, the Render price, influenced by a number of large transactions, has decreased, currently standing at 10 transactions. The large transactions have contributed to an 8% decrease, signaling a bearish trend in market sentiment.

Source- Into The Block

The altcoin has experienced notable fluctuations over the past 24 hours. As of the reporting time, the RENDER price hovered at $4.62, marking a decrease of 4.32% during the U.S. trading session. The trading volume saw a significant drop of 42%, totaling $73 million. 

Can RENDER Rebound to $5.5 Amid Current Bearish Trends?

Render price is under increased pressure as bears dominate the market. The cryptocurrency could soon test the $4.5 support level. If this support fails, a drop toward $4 may follow, indicating a stronger bearish sentiment. According to Coinglass, the Render derivatives data has shown a significant volume and decrease in open interest. 

The volume has decreased by 35%, amounting to $85.70 million. Similarly, the open interest has declined by 14.97%, reaching $15.96 million. These decreases indicate a notable shift in market activity for RENDER.

The Relative Strength Index (RSI) is currently at 46, suggesting neutral to slightly bearish momentum. It hovers below the midline of 50, which indicates that selling pressure is higher than buying pressure.

The Moving Average Convergence Divergence (MACD) shows a bearish crossover. The MACD line is at -0.077, below the signal line at -0.142, indicating potential downward momentum. The histogram also reflects bearish sentiment as it shows red bars.

Render Price Chart: Source: TradingView

On the other hand, if bulls manage to regain control, RENDER might see a recovery towards the $4.70 resistance level. A sustained move above $5 could suggest a bullish trend, potentially pushing the price to $5.5. Stability at this level could further drive altcoin toward the $6 mark.

The post Render Price as Bears Hold Market; Will Bulls Reclaim Control? appeared first on CoinGape.

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Filed under: News - @ August 7, 2024 6:16 pm