Analyst Warns of Potential Risks Despite Render (RNDR) Price Recovery Signs: Watch Crucial Price Levels

Analyst D0c Crypto warns that despite some recovery signs, the decline in Render (RNDR) may not be over, emphasizing key price levels for traders. The token experienced a 40% decline over five weeks but found support at $7.3. Monitoring weekly support at $7.93 and a potential higher high target at $10.80 are crucial for price movements. Discussion of a new all-time high (ATH) could ensue if $10.80 is surpassed. Meanwhile, the meme coin Milei Moneda, inspired by libertarian Argentine president Javier Milei, is gaining attention with its presale.

The crypto market has experienced its fair share of ups and downs, and one token that has been on a rollercoaster ride lately is Render (RNDR). Although the AI-themed token showed some signs of recovery, with a 13% surge in the last 24 hours [1], analyst D0c Crypto warns that the decline in RNDR may not be over yet [2].

According to CoinMarketCap data, RNDR's price has plummeted by nearly 40% over the past five weeks, hitting a low of $7.3 before finding support at $7.80 [1]. The token's high trading volume of $259.91 million, up from $78.17 million in the previous day, indicates increased market interest [1]. However, this heightened activity also suggests increased selling pressure.

Analyzing the In/Out of Money Around Price (IOMAP) indicator, we can see that 2,760 addresses holding 11.35 million RNDR tokens at $7.19-$7.40 could create resistance at $7.19 [1]. In contrast, 1,040 addresses with 6.84 million tokens at $6.97-$7.18 offer support around $6.86. These levels are crucial for price movements, and traders should monitor them closely.

When examining the daily chart of Render, bearish signals emerge with the help of indicators such as the Chaikin Money Flow (CMF) and the Parabolic SAR [1]. The Parabolic SAR suggests a possible fall in prices, while the CMF, which is negative, indicates distribution and lower prices. Additionally, the Fibonacci Retracement tool shows support at $6.47 if selling pressure continues [1].

However, it is essential to note that RNDR's price movement is closely correlated to Ethereum. A bullish turn in ETH could positively impact RNDR, potentially leading to a bounce back. Conversely, defending the price at $6.86 could be followed by a rebound to $7.71.

Despite the potential for a bounce back, analyst D0c Crypto advises caution, stating that the selling pressure on RNDR is significant. However, with RNDR continuing to return profits to its holders, even amid the price decline [2], it remains to be seen whether traders will continue to offload their holdings or hold on to them for potential gains.

As always, it is crucial for investors to exercise caution and thoroughly research any investment before making a decision.

References:
[1] https://www.cryptotimes.io/2024/06/25/render-token-rndr-soars-13-amid-surging-trading-volume/
[2] https://cryptonews.net/news/analytics/29217442/

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