Render

Rally

2024

Shiba Inu

<a href="https://bitcoinworld.co.in/renders-rndr-20-surge-halts-is-the-ai-tokens-bull-run-over/" title="Render’s (RNDR) 20% Surge Halts: Is The AI Token’s Bull Run Over?" rel="nofollow"></a>
<ul> 
 <li style="font-weight: 400">Render’s week-long bull rally halted on the 11th of May, and metrics indicated a price drop.&nbsp;</li> 
 <li style="font-weight: 400">Selling pressure on the AI token has increased of late.&nbsp;</li> 
</ul> 
After a massive weekly rally, Render [RNDR] had a setback as the entire crypto market somewhat turned bearish. But the last few hours were in investors’ interest as the token’s chart turned green. 
Does this mean that RNDR will soon resume its bull rally?&nbsp; 
<h3 id="span-style-font-weight-400-rndr-pushes-the-brake-span">RNDR Pushes The Brake&nbsp;</h3> 
According to <a href="https://coinstats.app/coins/render-token/">CoinStats</a>, RNDR investors had a gala time last week as the AI token’s price surged by nearly 20%, only to face a correction on the 11th of May. 
The declining price trend didn’t last long, as the token’s daily chart again turned green. At the time of writing, Render was trading at $10.90 with a market capitalization of over $4.2 billion. 
To check whether this was the sign of RNDR resuming its rally, Bitcoinworld analyzed its metrics. It was surprising to find that, despite the massive weekly rally, RNDR’s Social Volume declined last week. 
Its Weighted Sentiment also went negative on the 11th of May, which indicated that bearish sentiment was dominant in the market. 
See Also: <a class="row-title" href="https://bitcoinworld.co.in/gensler-devil-gendev-meme-coin-to-explode-8000-after-solana-launch-looks-to-challenge-shiba-inu-and-dogecoin/" aria-label="“Gensler Devil (GENDEV) Meme Coin To Explode 8,000% After Solana Launch, Looks to Challenge Shiba Inu and Dogecoin” (Edit)">Gensler Devil (GENDEV) Meme Coin To Explode 8,000% After Solana Launch, Looks to Challenge Shiba Inu and Dogecoin</a> 
In fact, while the token’s price remained bullish, investors might have thought it to be a market top as they started to sell. 
Bitcoinworld’s analysis of Santiment’s data revealed that RNDR’s supply on exchanges increased substantially last week. 
Meanwhile, its Supply outside of Exchanges dropped, further establishing the fact that selling pressure was high. 
On top of that, Render’s supply held by top addresses declined slightly, suggesting that the top players in the crypto market were selling.&nbsp; 
<h3 id="span-style-font-weight-400-render-s-bull-rally-is-ending-span">Render’s Bull Rally Is Ending</h3> 
Though these aforementioned metrics looked bearish, things might turn out to be different. Popular crypto analyst Crypto Tony recently posted a <a href="https://twitter.com/CryptoTony__/status/1789277275235709142">tweet</a> mentioning how he expects an AI tokens season to arrive. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <a href="https://twitter.com/hashtag/AI?src=hash&amp;ref_src=twsrc%5Etfw">#AI</a> SEASON ON THE WAY 
 — Crypto Tony (@CryptoTony__) <a href="https://twitter.com/CryptoTony__/status/1789277275235709142?ref_src=twsrc%5Etfw">May 11, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
To check whether that possibility is likely to happen in the short-term, Bitcoinworld then took a look at RNDR’s daily chart. As per our analysis, the MACD displayed a clear bullish upperhand in the market. 
Its price was also resting well above its 20-day Simple Moving Average (SMA), which can be inferred as a bullish signal.&nbsp; 
<figure id="attachment_72561" aria-describedby="caption-attachment-72561" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-medium wp-image-72561" src="https://bitcoinworld.co.in/wp-content/uploads/Render-Price-Chart-2-483x300.png" alt="" width="483" height="300" srcset="https://bitcoinworld.co.in/wp-content/uploads/Render-Price-Chart-2-483x300.png 483w, https://bitcoinworld.co.in/wp-content/uploads/Render-Price-Chart-2.png 760w" sizes="(max-width: 483px) 100vw, 483px">
 <figcaption id="caption-attachment-72561" class="wp-caption-text">
 Render Price Chart | Source: Coinstats
 </figcaption>
</figure> 
&nbsp; 
Nonetheless, the rest of the indicators suggested otherwise. For example, the token’s price touched the upper limit of the Bollinger Bands, which often results in price corrections. 
The Chaikin Money Flow (CMF) also registered a sharp downtick and was headed under the neutral mark at press time. 
These two indicators hinted that Render bears were stepping up and might push the token’s price down in the near term. 
<blockquote>
 Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
</blockquote> 
#Binance #WRITE2EARN 
The post <a href="https://bitcoinworld.co.in/renders-rndr-20-surge-halts-is-the-ai-tokens-bull-run-over/">Render’s (RNDR) 20% Surge Halts: Is The AI Token’s Bull Run Over?</a> appeared first on <a href="https://bitcoinworld.co.in">BitcoinWorld</a>.

Render’s (RNDR) 20% Surge Halts: Is The AI Token’s Bull Run Over?

Table of Contents

ItsBitcoinWorld

Other articles published on May 13, 2024

How Is Bitcoin Responding to Economic Shifts?

HashKey Capital Secures Dual Licenses for Comprehensive Financial Services

SEC vs Ripple Lawsuit: Explainer & Timeline

Unfolding Hacking Of WBTC Worth $70 Million Involving A Whale

Ripple CEO Discusses Concerns Over Tether’s Challenges

New Cryptocurrency Releases, Listings, & Presales Today – Hyperhash AI, CloudMind AI, ARQx AI

Join our free newsletter for daily crypto updates!