Despite recent downturns, Render (RNDR) is demonstrating resilience, maintaining its support levels and showing signs of a potential upward trend. Over the past week, RNDR has experienced a decline of nearly 12%, and over the last 30 days, the token has dropped by a significant 26%, reflecting the overall bearish sentiment in the cryptocurrency market.
Currently, the price of Render Token stands at $8.04, with a 24-hour trading volume of $282.60 million and a market cap of $2.97 billion. In the last 24 hours, the RNDR price has seen a slight decrease of 0.02%. Despite these fluctuations, the token’s ability to hold its ground suggests it may be gearing up for an upward climb, aligning with broader market recovery trends.
Analyst Highlights Render’s Buying Opportunity Under $8
Renowned crypto analyst D0c Crypto has recently sounded the alarm, noting that RNDR has once again fallen below the $8 mark. Despite this dip, he advises against panic, suggesting instead that this might be an opportune moment for investors.
In short, there is no need to worry. According to D0c Crypto, the prime buying range for RNDR lies between $6.85 and $7.96. He emphasizes that it is crucial for RNDR to avoid closing below $7.96 on a weekly basis, as this could potentially signal the start of a downtrend. However, a price drop below $6.85 is not anticipated.
Why is $6.85 such a critical level? Historically, Render token was trading at this price when Bitcoin was valued at $56,000. During this period, market makers and significant investors bought RNDR around $7 and successfully prevented the price from falling further. D0c Crypto expresses surprise that RNDR has even dipped below $7.96, given this historical support.
The crypto market usually refers to the fourth quarter as “money season,” which is sometimes marked by accumulation periods. D0c Crypto thinks that prior to Q4, there is an extensive accumulation area in the market which could lead to a likely gain.
In this case, even though RNDR has fallen below $8 recently, experts such as D0c Crypto interpret it as more of a strategic acquisition moment than alarm signal. Therefore investors should monitor support levels and market trends in the course of this year.
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