The Render price has plunged over 11% on the weekly timeframe following a 3% loss in the past 24 hours to trade at $6.02 as of 11:45 a.m. EST.
With its poor performance during the short-term time frames, the RENDER price is also in the red by more than 15% over the past 30 days. It is, however, still up over 231% year-to-date.
The Render Price Testing A Critical Support
4-hour chart for RENDER/USD (Source: GeckoTerminal )
The Render price is trapped in a negative bearish channel after the altcoin recorded multiple lower highs and lower lows over the past few days. Now, the crypto is testing the crucial support level at $5.9448. A drop below this key price point might lead to RENDER falling to the subsequent mark at $5.7106 in the following 24 hours.
On the other hand, the Render price maintaining a position above $5.9448 for the next 12 hours could invalidate the bearish thesis. In this alternative scenario, traders might identify RENDER as a buy opportunity. With this potential bullish volume, the altcoin could try to break above $6.3352 to escape from the descending price channel.
A 4-hour candle close above $6.3352 in the short term might then lead to the Render price rising to as high as $6.6604.
Technicals Suggest The Render Price Could Keep Dropping
Technical indicators on RENDER’s 4-hour chart show that the altcoin is currently in a bearish trend and could keep falling in the next 24 hours. In addition to the Moving Average Convergence Divergence (MACD) indicator flashing bearish, the orientation of 9 and 20 Exponential Moving Averages (EMAs) also shows that sellers have the edge over buyers.
Throughout the past 48 hours, the MACD line has been positioned below the MACD Signal line. Traders usually see this as a sign that a crypto is in a short-term negative cycle. As a result, the Render price might continue to fall in the coming 24 hours.
Meanwhile, the 9 EMA is positioned below the 20 EMA to signal that momentum is currently in favor of sellers. What’s more, the growing gap between the two technical indicators suggests the short-term bearish momentum is intensifying.
While RENDER tries to fight off bears, investors are FOMO buying WienerAI (WAI) before its presale comes to an end in less than 2 hours.
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