Render (RNDR) Token exhibited a bearish chart structure and lost all gains from previous trading sessions. The chart structure shows a rising wedge pattern, and the price slipped below the neckline of $2.100. Moreover, the token was in an uptrend and formed higher highs over the previous weeks. However, the trend was reversed in the recent trading sessions, and it favored the sellers.
RNDR token is trading above the 200-day EMA, which shows that the token is still above the neutrality and looking to hold above $2.000.The stock has a downside capped till its 200 days EMA, where buyers get their muscles to recover, while on the upside, $2.100 has to be retested to gain momentum.
Furthermore, the token is even in the buying zone, and bulls are trying to rescue strength and fix the feet above its strong support of $2.000.
At the time of writing, the RNDR token is trading at $1.93 with an intraday drop of 5.13% showing selling pressure, and buyers were trapped in the last trading sessions. Moreover, the trading volume shows an increase of 5% at $46.13 million, showing short buildup activity. The market cap of RNDR is $1.03 Billion.
On the daily charts, the RNDR token shows a breakdown amid sustained selling pressure.
The price action showed that sellers were again coming into action and established their presence by lowering the token price by more than 5% intraday. The chart structure is now flipped from positive to negative, and the token has to favor sellers now.
In the last session, the RNDR token slipped below the round level of $2.00 and showed sellers’ dominance. However, the 200-day EMA is yet to be retested by the bulls, which was near $1.700.
Will RNDR Token Manage to Trade Above $2.000
On the 4-hour charts, the RNDR token persisted to show a declining move heading towards the 200-day EMA. Furthermore, the leading indicators indicate a further volatile action in the subsequent sessions.
The RSI curve dragged in the oversold region and showed a negative crossover, indicating further downside in the following sessions.
The MACD indicator also persisted in forming red bars and formed a bearish crossover showing selling pressure in the token.
Conclusion:
RNDR token is attempting to enter the pattern’s neckline but is losing momentum and losing its gains in the process.
Technical Levels:
Support Levels: $1.700
Resistance Levels:$2.100 and $2.300
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/07/07/rndr-price-analysis-rndr-falls-below-2-000-what-next/