Will Render (RNDR) Price Save Face From Losing Downtrend?
The post Will Render (RNDR) Price Save Face From Losing Downtrend? appeared on BitcoinEthereumNews.com.
Render’s (RNDR) price slipped below its downtrend, signaling losses are continuing to rise on the network. However, this still has not put fear in some investors whose conviction could help the recovery. Render Investors Exhibit Mixed Signals Render’s price has noted a considerable drawdown over the past month. During this time, investors lost a huge chunk of their money, and many even receded. The overall Artificial Intelligence (AI) space witnessed bearishness impacting other similar tokens as well. Speaking to the same, Akshay Nassa – Founder of Chimp Exchange, exclusively told BeInCrypto, “For crypto markets, it’s been a volatile week. AI tokens such as FET, with a market cap of $2.98B, RNDR with a market cap of $2.53B, and GRT, with a market cap of $1.75B, witnessed a substantial decline.Despite the volatile nature of AI tokens in the crypto market, their value propositions are compelling.” Render’s Chaikin Money Flow (CMF) shows this well, as it has been stuck in a downtrend for the last two months. Currently, it is below the zero line, indicating significant outflows. This typically signifies an increase in selling pressure. Render CMF. Source: TradingView Despite this bearish signal, another key metric tells a different story. Render’s Mean Coin Age continues to show an uptick. This metric measures the average age of coins in the network, indicating how long coins have been held. An increasing Mean Coin Age suggests that most investors hold onto their coins, showing strong conviction. This behavior contrasts with the selling pressure indicated by the CMF. Read More: How To Buy Render Token (RENDER) and Everything You Need To Know Render Mean Coin Age. Source: Santiment The combination of these factors could lead to potential consolidation in Render’s price. While selling pressure is present, the continued holding by long-term investors suggests that a significant price drop may…
Filed under: News - @ July 9, 2024 6:10 am