The Rendering Price (RNDR) is heavily dependent on broader market signals that suggest the direction of price movement.
However, changes in investor behavior could also potentially impact price direction.
Render finds resistance
Render price doesn’t look like a straight rally due to the relative strength index (RSI). The indicator is still in the bearish zone, reflecting ongoing negative momentum and a lack of buying pressure. This suggests that the token has not yet gained the strength needed to initiate a significant upward move.
Render Token needs to break out of the neutral line on the RSI to change momentum. This would indicate a change in market sentiment and could signal the start of a positive trend. This push suggests increased buying interest and potential for price recovery.
However, while the market is not confident of growth, investors are obvious in their behavior. We can note that only slightly more than 11% of participating investors are profitable, observing the active addresses by profitability.
This means that most investors transacting on the network are not looking to sell for profit at the moment. This bullish sentiment could help the altcoin reverse its losses if it can withstand it.
Read more: How to buy Render (RENDER) token and everything you need to know
RNDR Price Forecast: Recovery Will Be Difficult
Following the path set by the above signals, Render price may expect consolidation instead of recovery. The range for this will be $8.0 as resistance and $6.8 as support.
A breakout, albeit difficult, could occur if resistance at $8.0 is broken. This could send RNDR to $9.0 and beyond to recoup the gains lost during the crash in early June.
Read more: Render Token (RNDR) Price Prediction 2024/2025/2030
However, if unexpected volatility and/or bearish market conditions cause Render’s price to fall below the $6.8 support level, it will invalidate the bullish outlook, leading to a drop to $6.5 and below.
