Render’s [RNDR] 20% surge halts: Is the AI token’s bull run over?

    RNDR’s price only moved up marginally in the last 24 hours.
    Selling pressure on the AI token has increased of late. 

As a long-term crypto investor with some experience in analyzing market trends, I’ve been closely monitoring RNDR‘s price movements. While last week’s rally was impressive, the recent setback and increased selling pressure are concerning. The metrics suggest that the bullish momentum may be waning, and we could be seeing a price correction soon. However, it’s essential to note that market conditions can change rapidly, and unexpected events can influence token prices significantly. I will continue to closely monitor RNDR’s chart and metrics to assess any potential opportunities or risks. Ultimately, investing in crypto requires patience, careful analysis, and a willingness to adapt to market conditions.

Following a significant weekly price surge, Render (RNDR) experienced a hiccup due to the broader crypto market’s shift towards bearish trends. However, the past few hours have brought good news for investors as the token’s graph has regained a green tint.

Does this mean that RNDR will soon resume its bull rally? 

RNDR pushes the brake 

Last week, I, as an RNDR investor, experienced a thrilling surge in the value of my AI tokens, with CoinMarketCap reporting a nearly 20% price increase. However, by the 11th of May, there was a correction and the token’s value began to decline once again.

The downward price pattern for the token didn’t persist, as its daily graph regained a green hue. Currently, Render is being traded at $10.90 and boasts a market value exceeding $4.2 billion.

To determine if last week’s significant rally marked a resumption for RNDR, AMBCrypto examined its key performance indicators. It was unexpected to notice that, despite the strong weekly price surge, RNDR’s Social Volume showed a decrease in the previous week.

I analyzed the data and discovered that my Weighted Sentiment metric turned negative on May 11th. This signified that pessimistic sentiment held sway over the market at that time.

Render’s [RNDR] 20% surge halts: Is the AI token’s bull run over?

As an analyst, I would interpret this situation by saying that even though the token’s price continued to rise, some investors may have perceived it as a market peak and therefore chose to offload their holdings.

Last week, there was a significant rise in the quantity of RNDR tokens held on cryptocurrency exchanges, according to AMBCrypto’s interpretation of Santiment’s findings.

Simultaneously, the amount of Supply not held in Exchanges increased, signaling a significant demand for selling.

Additionally, the amount of Render held by leading crypto market participants experienced a slight decrease, indicating potential sell-offs from these prominent figures.

Render’s [RNDR] 20% surge halts: Is the AI token’s bull run over?

Render’s bull rally is ending

Despite the previous indications from the metrics appearing pessimistic, there’s a possibility that the situation could change. Noted cryptocurrency analyst Crypto Tony has shared his perspective, expressing anticipation for a surge in Artificial Intelligence (AI) token values.

I, as an analyst, examined RNDR‘s daily chart from AMBCrypto to assess if that possibility was likely to materialize in the near future. According to my analysis, the Moving Average Convergence Divergence (MACD) indicated a strong bullish signal in the market.

The price was significantly higher than its 20-day moving average, indicating a potential bullish trend.

Render’s [RNDR] 20% surge halts: Is the AI token’s bull run over?

Despite this particular indicator suggesting a bullish outlook, the other signs pointed towards a different direction. For instance, when the token’s price reached the upper boundary of the Bollinger Bands, it typically precedes a price correction.

Read Render’s [RNDR] Price Prediction 2024-2025  

At present, the Chaikin Money Flow (CMF) experienced a significant decrease and was approaching the threshold beneath the neutral value.

The behaviors suggested by these two indicators indicate a possible increase in selling pressure from Render bear investors, potentially leading to a decrease in the token’s price in the short term.

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2024-05-12 19:03