- Render’s (RNDR) week-long bull rally came to a halt on the 11th of May, with metrics indicating a potential price drop.
- Despite a marginal price increase in the last 24 hours, selling pressure on the AI token has been on the rise.
- Analysts are now questioning whether RNDR will soon resume its bull rally.
After a week-long bull rally, Render’s (RNDR) price has seen a slight dip, raising questions about the future of the AI token. This article explores the recent market trends and what they could mean for RNDR investors.
RNDR’s Bull Rally Comes to a Halt
According to CoinMarketCap, RNDR investors enjoyed a significant price surge last week, with the AI token’s price increasing by nearly 20%. However, a correction on the 11th of May has seen these gains somewhat reversed. Despite this, the token’s daily chart turned green again in the last few hours, with Render trading at $10.90 at the time of writing and a market capitalization of over $4.2 billion.
Increasing Selling Pressure on RNDR
Despite the recent rally, RNDR’s Social Volume declined last week. Its Weighted Sentiment also turned negative on the 11th of May, indicating a dominant bearish sentiment in the market. Furthermore, data from Santiment revealed that RNDR’s supply on exchanges increased substantially last week, while its Supply outside of Exchanges dropped, suggesting that selling pressure was high. Even the supply held by top addresses declined slightly, suggesting that the top players in the crypto market were selling.
Is RNDR’s Bull Rally Ending?
Despite these bearish indicators, some analysts believe things might turn around. Crypto analyst Crypto Tony recently tweeted about an upcoming AI tokens season. A look at RNDR’s daily chart shows the MACD displaying a clear bullish upperhand in the market, with its price resting well above its 20-day Simple Moving Average (SMA), a bullish signal. However, other indicators such as the token’s price touching the upper limit of the Bollinger Bands and the Chaikin Money Flow (CMF) registering a sharp downtick suggest that Render bears might push the token’s price down in the near term.
Conclusion
While RNDR’s recent bull rally has been a cause for celebration among investors, the increasing selling pressure and bearish market indicators suggest that the rally may be coming to an end. However, with some analysts predicting an upcoming AI tokens season, the future of RNDR remains uncertain. Investors should keep a close eye on market trends and make informed decisions.
