RENDER is showing clear bearish signs after forming a double top on the H4 chart on Monday, February 23, peaking twice around $1.38–$1.39.
According to the crypto analyst Crypto Pulse, a strong red candle broke below the neckline, signaling rising selling pressure.
This classic reversal pattern suggests that the recent uptrend may be losing momentum, as sellers take control and market sentiment shifts toward caution.
Source: Crypto Pulse X Post
Unless RENDER quickly reclaims the $1.38–$1.39 neckline, the downtrend could continue, potentially testing lower support levels. Traders are watching this key zone closely, as failure to recover indicates further losses ahead.
The double top breakdown serves as a warning of persistent resistance, highlighting the growing strength of sellers and the likelihood of continued downward movement in the near term.
Also Read: RENDER Signals Breakout Setup as Price Targets $5.1–$5.6 Resistance Zone
RENDER 4H Chart Signals Bearish Momentum
According to TradingView, as of Monday, February 23, RENDER is trading below the 20, 50, 100, and 200 EMAs, signifying a bearish trend. The shorter EMAs are trading below the longer EMAs, showing poor alignment.
Bollinger Bands have expanded during the up move but are currently compressing as the price is moving down, signifying a lack of momentum, while the middle band is providing resistance.
Source: TradingView
The recent price movements indicate lower highs and lower lows since the last spike, which has maintained bearish pressure in the short term.
Even though the price has touched the lower Bollinger Band and has experienced a minor upward move, it still looks vulnerable unless the 20/50 EMA zone is taken out by the bulls.
Momentum Indicators Point to Consolidation Phase
Looking at the momentum indicators, the RSI is currently at 42.74, which is below the neutral level of 50, implying mild bearish momentum.
However, the moving average for the RSI, currently at 45.79, is above the RSI, implying that the momentum is slowing down relative to the previous trends.
Although not significantly oversold, the asset is currently under selling pressure, possibly preparing for stabilization or a potential rebound depending on the circumstances.
Source: TradingView
The MACD indicator shows that the MACD line is at -0.01567, which is below the signal line at -0.00759. The slightly negative histogram also validates this short-term bearishness.
However, with smaller red bars, it can be noted that the selling pressure is weakening, indicating a possible reversal or consolidation in the trend in the coming days.
Also Read: RENDER Price Could Reach $2.50 Resistance if Momentum Gains Strength
