Render (RNDR) Price Looks Bearish: Can RNDR Bulls Secure $4?

Most of the crypto market is on the recovery track. However, the Render (RNDR) price chart still shows red bars and other bearish cues.

Render (RNDR) price encountered a downturn in the last few weeks, which is evident from the red bars on its price chart and other bearish cues.

A recent recovery from the $3 mark set the stage for RNDR bulls to cover the losses, but due to lack of buying pressure, it started consolidating and hovering around the 20 day EMA mark. This indicates that buyers are not confident in the token's price movement.

However, an increase in trading volume during the price drop suggests that sellers are eyeing to breach the $4 mark soon. At press time, RNDR is trading at $4.60 with an intraday drop of 1.90, reflecting bearish cues on the charts.

It has a monthly return ratio of -22.30% and 170.20% yearly, indicating a short term bearish trend.

A technical analysis by Crypto Patel suggests that RNDR can show a recovery from its bottom mark of $3 and move upward.

The analysis shows that the token can show a bullish trend and move toward the $50 mark with key buying zones at Entry 1: $4 – $3.5 and Entry 2: $2 – $1.7. The target for this bullish analysis is set at $50.

If RNDR can hold the support at $3 and continue rising, it might reach the $50 mark. (This is not financial advice).

RNDR/USDT Bullish Analysis Toward $50 $RNDR has taken a hit, dropping 75% from its recent peak, but it's now trading around $4.58 and has made a strong recovery from the $3 support level.

Key Buying Zones:

Entry 1: $4 – $3.5

Entry 2: $2 – $1.7

Target: $50

If RNDR can... https://t.co/ytL5mul0U0

The token is in the bears’ grip, reflecting sustained bearish pressure. The crypto asset could soon revisit the $4 mark, the support level.

On-Chain Metrics Suggest Negative Outlook

Sustained selling pressure pushed the weighted sentiment data to -0.332, reflecting negative investor sentiment.

Similarly, the development activity data indicated a negative outlook as the value dipped to the 0.048 mark.

Total Liquidation Chart Outlook

Amid the significant price downtick, the short liquidations were noted at $27.2k, whereas the long liquidations were noted at $68.27k, which signifies signs of bearish trend.

The futures Open Interest (OI) fell 5.37% to $19.28 Million, indicating that buyers panicked and unwinded their long positions.

Sustained bearish pressure could drop RNDR to the $4 mark, followed by the $3.50 in the short term.

On the other hand, if the token succeeds to sustain beyond the $5 mark, it may ascend the recovery toward the $5.60 followed by the $6 mark ahead.

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