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Render Price Falls Over 14% In 24 Hours — More Downside To Come For RNDR?

Last Updated April 2, 2024 2:08 PM
Nikola Lazic
Last Updated April 2, 2024 2:08 PM
By Nikola Lazic
Verified by Peter Henn

Key Takeaways

  • RNDR falls from $14 to $9 amid selling pressure.
  • Diminishing blockchain activity suggests declining interest.
  • RNDR likely entering a corrective phase; further decline expected.

After reaching an all-time high of nearly $14 on March 18, the price of the Render token sharply declined to $10. It stabilized around $11, trading sideways, but now, another round of selling occurred since the start of April. 

In the last two days, the price dropped from a high of $10.60 to a low of $9 on April 2. With some indicators pointing to the completion of the previous uptrend and now clear bearish signs, RNDR could face more downward pressure. 

Render Fundamentals

The number of addresses plummeted to the downside from its March peak, according to IntoTheBlock  data. From its last high on March 25, when the number of daily active addresses spiked to 3,530, we saw a decline to 1,540. 

On-chain data

This is also the case for new addresses. From its March 25 high of 2,260, this metric fell to a low of 624 on March 31. These values have been reverted to the levels before the all-time high when RNDR was trading around $7. 

On-chain data

Looking at the transaction data , we can see a similar trend. From its March 25 high of 4,560, the number of transactions fell to 1,780 on March 30. Unlike the addresses, transaction values reverted to when RNDR’s price was trading at $5.70. 

In all, by looking at these two charts, there is diminishing interest in Render blockchain usage. 

RNDR Price Analysis 

The price of RNDR has been going up parabolic since January 26 low of $3.50. This uptrend continuation started after a breakout from the symmetrical triangle in mid-October when the price was around $1.70. 

daily chart

Analyzing the wave structure, we could see RNDR is most likely at the final wave of a five-wave impulse. With the declining price following the completion of this wave structure, we got the confirmation. 

We are most likely witnessing the start of its corrective phase, which may lead to more depreciation. Our first target is on the 0.382 Fibonacci retracement level at $8.37, but that could only be a temporary stopping point. 

If our count is correct, RNDR finished a long-lasting uptrend and could now enter a prolonged period of price decline. That would be confirmed after the interaction with the 0.382 Fib level, and if the price makes a lower high on the bounce, our next target to the downside would be at $7. 

Disclaimers

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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