Render Price Decline Raises Concerns 📉
The Render price has been steadily decreasing for the past two weeks after reaching an all-time high in March. This trend is causing worries among investors, as the sentiment towards RNDR appears to be shifting.
Render Investors Showing Signs of Concern
- Decrease in active addresses indicates investors are losing confidence in RNDR
- Number of active addresses dropped significantly within a week
- Investors may be anticipating further price declines, leading them to withdraw from the market
Moreover, a breakdown of active addresses reveals that some RNDR holders are opting to take profits rather than risk further losses. This profit-taking behavior could potentially exacerbate the bearish trend in the Render price.
RNDR Price Prediction Under Pressure 🔮
- Potential for RNDR to break key support level at $10 and decline to $8.7
- If $10 support is breached, further drop to $8.05 likely, indicating a 20% correction
In contrast, if RNDR manages to hold above the psychological support level of $10, there is a possibility of a recovery. Turning the 50 and 100-day Exponential Moving Averages (EMA) into support could negate the current bearish outlook on the Render price.
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