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Render [RNDR] 20% Surge Stops: Has the AI Token Bull Been Caught?
- The price of RNDR has increased only marginally in the last 24 hours.
- Selling pressure on the AI token has increased lately.
After a massive weekly rally, Render [RNDR] took a setback as the entire cryptocurrency market turned somewhat bearish. But the last few hours have been in the interest of investors as the token’s graph has turned green.
Does this mean that the RNDR will resume its bullish rally soon?
RNDR pumps the brakes
Second CoinMarketCapRNDR investors had a gala time last week as the price of the AI token surged nearly 20%, only to face a correction on May 11th.
The downward price trend did not last long, as the token’s daily chart turned green again. At the time of this writing, Render was trading at $10.90 with a market capitalization of over $4.2 billion.
To check whether this was the sign of the RNDR’s recovery, AMBCrypto analyzed its parameters. It was surprising to find that despite the massive weekly rally, RNDR social volume declined last week.
Its weighted sentiment also turned negative on May 11, indicating that bearish sentiment was dominant in the market.
Source: Santimento
In fact, while the token’s price remained bullish, investors may have thought it was the top of the market when they started selling.
Analysis of Santiment data by AMBCrypto revealed that the supply of RNDR on exchanges increased substantially last week.
Meanwhile, its off-exchange supply declined, further demonstrating the fact that selling pressure was high.
Additionally, the supply of Render held by major addresses decreased slightly, suggesting that major players in the cryptocurrency market were selling.
Source: Santimento
Render’s bull rally is ending
While these above-mentioned metrics seemed bearish, things could turn out to be different. Popular crypto analyst Crypto Tony recently posted a tweet mentioning how he expects an AI token season to arrive.
To see if this possibility will come to fruition in the short term, AMBCrypto then took a look at the daily chart of RNDR. According to our analysis, the MACD has shown a clear bullish advantage in the market.
Furthermore, its price was well above the 20-day simple moving average (SMA), which can be inferred as a bullish signal.
Source: TradingView
However, the rest of the indicators suggested otherwise. For example, the price of the token has touched the upper limit of the Bollinger bands, which often results in price corrections.
Light Render [RNDR] Price forecast 2024-2025
Chaikin Money Flow (CMF) also saw a sharp decline and was below the neutral threshold at the time of writing.
These two indicators hinted that Render bears are intensifying and could push the token’s price lower in the short term.
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