Bitcoin [BTC] experienced a slight uptick on Monday, October 8th, reaching a 24-hour peak of $63,957, as reported by CoinMarketCap data, before undergoing a reversal. This movement led to a ripple effect, with several alternative coins, such as Bittensor [TAO] and Sui [SUI], registering significant gains when the latest data was compiled.
Meme-based digital currencies also witnessed a general uptrend, riding on a popular, albeit speculative, narrative that meme coins could be the driving force behind the upcoming bullish phase in the cryptocurrency market.
Meanwhile, Render [RENDER], Kaspa [KAS], and Maker [MKR] emerged as the notable losers of the day. Render’s value witnessed a sharp decline from $5.66 to a daily low of $5.31 on Monday, thrusting the $5.34 support level into the spotlight.
Struggles of RENDER’s Price at Crucial Support
Over the past week, RENDER has shed around 17% of its valuation, resulting in a decrease in year-to-date profits to 23%. This trend underscores an ongoing challenge within the $4.68 to $6.70 threshold, where the price has been consolidating for a duration of two months.
As indicated on TradingView’s 4-hour chart, RENDER/USDT slipped below $5.30 on October 3rd for the first time since September 21, although it managed to rebound above this critical threshold heading into the weekend.
Towards press time, RENDER’s price revisited the $5.40 support level but managed to climb back to higher levels.
This particular price floor, intersecting with the 50-day Simple Moving Average (SMA) on the daily chart, holds significance as it previously posed as a substantial barrier for bullish investors back in mid-September.
Notably, RENDER’s price surged to a monthly peak of $6.81 subsequent to a successful breakout above this resistance on September 21.
Technical Vulnerabilities of RENDER/USDT Pair
Data from Messari indicates that RENDER witnessed a trading volume of $2.65 billion over the last 30 days, showcasing an 18.43% increase. However, this figure remains notably lower compared to other artificial intelligence (AI)-related tokens like Bittensor’s TAO, which experienced a 170% surge in trading volume during the same period.
Upon analyzing the daily chart, it can be observed that RENDER/USDT is trading below its 20, 50, and 100-day exponential moving averages (EMAs), signaling a bearish sentiment in the short to medium run.
Furthermore, the daily Relative Strength Index (RSI) stands at 48, hovering near a neutral zone, indicating a balance between buying support and selling pressure.
The convergence of somewhat bearish technical signals, market positioning, and price degradation presents a moderately pessimistic outlook for RENDER in the immediate future.
With no apparent catalysts on the horizon, the trajectory of Render’s price movement is likely to be heavily influenced by broader market sentiments.