On Monday, 8th October, Bitcoin [BTC] continued its upward momentum, reaching a 24-hour high of $63,957, according to CoinMarketCap data. This brief rally pulled several altcoins along with it, notably Bittensor [TAO] and Sui [SUI], which recorded impressive double-digit gains.
Interestingly, memecoins also joined the surge, with some in the market speculating that the niche could trigger the next crypto bull run, though such a narrative remains speculative. Despite the broader market’s positive performance, certain altcoins, such as Render [RENDER], Kaspa [KAS], and Maker [MKR], posted notable losses, with Render taking a particularly sharp hit.
Render’s Price Struggles At Key Support
Render [RENDER] dropped from $5.66 to a 24-hour low of $5.31 on Monday, signaling its ongoing battle with key support levels. Over the past seven days, RENDER has lost 17% of its value, trimming its year-to-date gains to just 23%. For the past two months, the token has been trapped in a tight consolidation range between $4.68 and $6.70, showing limited signs of breaking out.
On TradingView’s 4-hour chart, RENDER/USDT dipped below the $5.30 mark on October 3rd, marking its lowest point since September 21st. However, it managed to rebound above this critical level ahead of the weekend, keeping the $5.40 support zone in play.
This support zone aligns closely with the 50-day Simple Moving Average (SMA) on the daily chart. The price action around this level is significant because, in mid-September, it acted as a major resistance point. After successfully breaking above this resistance on September 21st, RENDER climbed to a monthly high of $6.81, offering hope to bullish speculators.
Technical Weaknesses Weigh on RENDER
Despite the temporary rebound, technical indicators suggest that Render could continue to face headwinds. According to data from Messari, RENDER’s trading volume in the last 30 days stood at $2.65 billion, an 18.43% increase. However, this figure pales in comparison to the explosive 170% trading volume growth recorded by other AI-related tokens like Bittensor [TAO].
On the daily chart, RENDER/USDT is trading below its 20, 50, and 100-day exponential moving averages (EMAs), a bearish signal indicating potential further downside in the short to medium term. The Relative Strength Index (RSI) reading of 48 suggests a balance between buying and selling pressure, providing no clear bullish or bearish direction.
Broader Market Sentiment to Drive RENDER’s Future
Render’s price decline, combined with weak technical indicators, paints a bearish outlook in the short term. Without immediate catalysts to boost sentiment, RENDER’s price action may continue to depend heavily on the broader cryptocurrency market.
While Bitcoin’s upward momentum has sparked renewed optimism, Render and other altcoins may need a more substantial shift in market conditions to regain their footing. For now, investors should keep an eye on key support levels and broader market sentiment to gauge Render’s next move.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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