RNDR Faces Critical Support Level Amid Market Downturn

Global Crypto Market Decline

The global cryptocurrency market has experienced a significant downturn, with the market cap falling by nearly 2% in the last 24 hours. Currently, the total market cap is estimated at approximately $1.16 trillion. This decline is part of a broader market selloff impacting various cryptocurrencies, including Render Token (RNDR).

RNDR's Recent Performance

Render Token (RNDR) has seen a notable price decrease, dropping about 11% in the past day to $1.67. Earlier, RNDR reached a daily high of approximately $1.90 but has since retraced. Additionally, RNDR has weakened against major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), declining by 8.83% and 8.12%, respectively.

Technical Analysis of RNDR

RNDR's price recently lost support from the 9-day EMA and is currently resting on the 20-day EMA line. The daily Relative Strength Index (RSI) suggests a potential end to the price drop, yet significant sell pressure remains. This pressure is evident from the wick above the current daily candle, indicating a possible further decline.

Future Price Projections

If the sell pressure persists and RNDR loses support at the 20-day EMA and $1.588, the price may drop to $1.252 in the coming week. Conversely, closing above $1.588 could negate the bearish outlook, leading to price consolidation between $1.588 and $1.790 over the next 24 to 48 hours.

Conclusion

Investors should closely monitor RNDR's price movements and key support levels in the face of ongoing market volatility. As the crypto market continues to fluctuate, understanding these trends is crucial for making informed investment decisions.