- RNDR has recently experienced a bounce, but the market structure bias remains unchanged.
- Sellers still maintain a significant advantage, although a demand zone within the $6-$7 range could attract bullish interest.
- The decentralized GPU system token, RNDR, has seen its value drop by 14% from a high of $10.8 to a low of $7.95 in the first half of June.
Discover the latest insights on RNDR’s price movement and its potential future trajectory amid a challenging market structure.
RNDR Price Outlook: Key Levels to Watch
The market for Render (RNDR) has been dominated by sellers, resulting in a 14% decline in value from $10.8 to $7.95. This downward trend remains uncorrected despite a small bounce following the FOMC meeting, leaving bulls struggling to trigger a reversal.
Indicators and Market Dynamics
On a higher timeframe chart (12H), several indicators show mixed signs. The Relative Strength Index (RSI) has rebounded from oversold levels, indicating a rise in buying pressure. However, it remains below the 50 level, suggesting that demand for RNDR isn’t robust at present.
The Average Directional Index (ADX) is above 20 but below 40, signaling a strengthening trend, which, in this case, is a continuing downtrend due to the price forming lower lows. Thus, the $6-$7 zone emerges as a crucial level for buyers as it has historically supported the price and acted as a bullish order block since early May. Should Bitcoin (BTC) stabilize, this zone might see increased bidding activity for RNDR.
Current Market Sentiment: Bearish Overtones
According to Santiment, RNDR has been under a negative Weighted Sentiment since late May. Nonetheless, a surge in on-chain volume, coupled with the recent price bounce, presents a glimmer of hope for potential recovery, particularly if this upward trend persists. The next move by Bitcoin will likely have a significant impact on RNDR’s price direction.
Data from Coinglass highlights key liquidity clusters at $9.5 and $10.5, indicating that price action may seek out these levels to access liquidity. Consequently, RNDR players should closely monitor the $6-$7 demand zone and the higher liquidity levels for strategic decisions.
Conclusion
Despite current bearishness, the $6-$7 demand zone for RNDR holds significant importance as a potential reversal point. Increased buying interest at these levels, especially if supported by a stable or bullish Bitcoin, could challenge the prevailing downtrend. Traders should remain vigilant of overarching market trends and liquidity clusters for optimal positioning.
