Last month, Render [RENDER] experienced a remarkable surge of 45.28%, positioning itself as one of the market’s top gainers. However, the asset’s upward momentum has waned, leading to a 10.01% decline over the past 24 hours. This downturn has raised uncertainties regarding RENDER’s short-term path.
Should RENDER fail to reignite investor interest, the current downtrend may persist, casting shadows over its potential for recovery.
RENDER Facing Downward Price Pressure
The prevailing sentiment in the RENDER market indicates a clear dominance of bearish forces, outnumbering bullish entities and exerting significant selling pressure. Recent data from IntoTheBlock reveals that over the last seven days, there were 132 active Bear addresses, surpassing the count of bullish addresses set at 120.
In this context, the distinction between bulls and bears is based on addresses responsible for trades amounting to at least 1% of the total volume. This disparity underscores the escalating influence of bearish actors in the market.
Adding to the negative outlook, the Active Address Ratio, reflecting active addresses relative to those with a balance, has dwindled to 1.09%. Such a decline typically indicates a prevailing bearish sentiment in the market.
Simultaneously, RENDER’s New Adoption Rate, monitoring first-time transactions involving the asset, has diminished to 28.82% as of the latest data. This downturn mirrors a fading interest in RENDER and suggests potential obstacles ahead for its recovery.
RENDER Struggling with Resistance Levels
RENDER has encountered substantial resistance levels, as indicated by the “In/Out of the Money Around Price” (IOMAP) metric. This tool identifies crucial support and resistance thresholds, shedding light on factors that could impede price progress.
According to data from IntoTheBlock, the recent high of 8.211 aligns with an IOMAP resistance bracket ranging from 7.99 to 8.21. This zone is bolstered by a sale order of 3.28 million RENDER tokens, intensifying bearish sentiment.
Technical analysis also underscores RENDER’s challenges. The token faces dual resistance barriers: a descending trendline and a horizontal resistance level at 7.97, both aligning with the IOMAP resistance zone.
The convergence of these obstacles heightens the likelihood of a further price decline.
If the selling pressure persists, RENDER could potentially drop towards its next significant support level resting at 5.686.