The price of Render (RNDR) is highly dependent on general market trends that set the tone for trading. However, investor behavior also plays an important role in price dynamics
Render faced resistance
Visualization of the project Network is a decentralized platform for 3D rendering tasks using GPU power around the world. The project is based on blockchain technology, which allows users to rent free computing power for rendering, and GPU owners to earn from their resources.
Render price does not show readiness for a rally due to Relative Strength Index (RSI). This one technical indicator is still in bearish territory, reflecting continued negative momentum and lack of interest from buyers. This means that a token until it has gained enough strength to start a significant growth.
To change the trend, the price needs to break the neutral RSI line. This would indicate a change in market sentiment and the potential for recovery.
In between onchain analysis of active addresses shows that only about 11 percent of investors make a profit. This indicates that most investors transacting on the network are now not looking to sell their coins to lock in profits. This sentiment could help the altcoin recover from its losses.
RNDR Forecast: Recovery is difficult
In light of all the above, the value of Render may tend to consolidate instead of reproduce. A potential range could be formed with $8.0 as resistance and $6.8 as support.
Although a bullish breakout is unlikely, it could still happen if the $8.0 resistance is broken. This could send RNDR to $9.0 and above. So the coin will be able to recover all the points lost during the drawdown at the beginning of June. However, if unforeseen volatility and/or bearish market conditions will push Render below the $6.8 support level, this will reverse the bullish scenario and lead to a drop to $6.5 and below.