RENDER [RENDER] showed impressive growth last month, with a notable surge of 45.28%. However, the asset has hit a stumbling block recently. Unable to break through crucial resistance levels, RENDER has experienced a 10.01% decline over the past 24 hours, causing concerns about its short-term direction.
Unless RENDER manages to attract the attention of market participants again, its current downward trend may continue, leaving the outlook for its recovery uncertain.
Persistent Pressure on RENDER’s Price
The bearish sentiment has taken a strong hold of the RENDER market, overpowering the bullish sentiment and exerting significant downward influence. Recent data from IntoTheBlock indicates that there were 132 Bear addresses active in the past week, outnumbering the bullish ones by 120.
In this scenario, the dominance of bearish participants, defined as addresses responsible for trades constituting at least 1% of the total volume, is increasingly noticeable, signaling a growing bearish influence.
Compounding the negativity, the Active Address Ratio, a metric measuring active addresses compared to the total holding addresses, has dropped to 1.09%. This decline typically signifies a pessimistic market sentiment prevailing.
Simultaneously, RENDER’s New Adoption Rate, which monitors first-time transactions with the asset, has fallen to 28.82% currently. This decrease indicates waning interest in RENDER and foretells potential hurdles in its recovery journey.
Challenges Presented by Resistance Levels for RENDER
RENDER is facing a formidable resistance zone, as depicted by the “In/Out of the Money Around Price” (IOMAP) metric. This tool identifies crucial support and resistance levels, highlighting factors that could impede price movements.
According to data from IntoTheBlock, the recent high of 8.211 correlates with an IOMAP resistance zone ranging between 7.99 and 8.21. Within this range, there is a sell order for 3.28 million RENDER tokens, intensifying the downward pressure.
Technical analysis also underscores the hurdles for RENDER, encountering two crucial resistance points simultaneously: a descending trendline and a horizontal resistance level at 7.97, both aligning with the IOMAP resistance range.
The convergence of these obstacles indicates a higher probability of further declines.
If the selling pressure persists, RENDER may drop towards its next significant support level at 5.686.