Render price drops to $5.31 amid market volatility: A closer look
The lack of new catalysts and poor performance compared to its competitors could lead to a decline in RENDER's price in the coming weeks.
The price of RENDER dropped sharply on Monday, nearing a daily low of $5.30.
According to data from CoinMarketCap, Bitcoin [BTC] traded slightly higher on Monday, October 8, reaching a 24-hour high of $63,957. This flagship cryptocurrency attracted several altcoins, including Bittensor [TAO] and Sui [SUI], which had posted double-digit gains at the time of writing.
Memecoins are also widely trading in the green, growing based on a popular yet far-fetched narrative suggesting that the memecoin sector bolsters the next bullish cycle of the crypto market.
Meanwhile, Render [RENDER], Kaspa [KAS], and Maker [MKR] stood among the top losers that day. The price of RENDER plummeted sharply from $5.66 to a 24-hour low of $5.31 on Monday, putting the support level around $5.34 in focus.
RENDER’s Struggle at Key Support
RENDER has lost nearly 17% of its value over the past week, reducing its annual gains to 23%. This performance indicates ongoing struggles within the range of $4.68 to $6.70, where the price has been consolidating for two months.
In the TradingView 4-hour chart, RENDER/USDT fell below $5.30 for the first time since September 21 on October 3, before rebounding above the critical range by the end of the week.
Source: TradingView
The price of RENDER tested the $5.40 support again today but has since reclaimed a higher level at the time of writing.
This price floor coinciding with the 50-day simple moving average (SMA) on the daily chart is significant as it provided substantial resistance for bullish speculators in mid-September.
Technical Weaknesses of RENDER/USDT
Data from Messari shows that RENDER has accumulated a trading volume of $2.65 billion over the past 30 days, representing an 18.43% increase. However, this figure is significantly lower than other AI-related tokens like Bittensor’s TAO, which saw a trading volume increase of 170% during the same period.
On the daily chart, RENDER/USDT is trading below the 20, 50, and 100-day exponential moving averages (EMA), indicating a bearish sentiment in the short to medium term.
The daily reading of the Relative Strength Index (RSI) at 48 is close to the neutral range, suggesting that buying support is sufficiently meeting selling pressure.
Source: TradingView
A combination of slightly negative technical indicators, market positioning, and declining prices paints a relatively bearish outlook for RENDER in the short term.
Given the lack of immediate catalysts, RENDER’s price performance is heavily influenced by broader market sentiment.
