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<img decoding="async" width="1920" height="1080" src="https://coingape.com/wp-content/uploads/2023/12/render-network-rndr-gID_2.jpg" class="attachment-full size-full wp-post-image" alt="Render Price Action Pivots On Binance Support For Token Swap and Rebranding" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2023/12/render-network-rndr-gID_2.jpg 1920w, https://coingape.com/wp-content/uploads/2023/12/render-network-rndr-gID_2-300x169.jpg 300w, https://coingape.com/wp-content/uploads/2023/12/render-network-rndr-gID_2-1224x689.jpg 1224w, https://coingape.com/wp-content/uploads/2023/12/render-network-rndr-gID_2-768x432.jpg 768w, https://coingape.com/wp-content/uploads/2023/12/render-network-rndr-gID_2-1536x864.jpg 1536w, https://coingape.com/wp-content/uploads/2023/12/render-network-rndr-gID_2-678x381.jpg 678w, https://coingape.com/wp-content/uploads/2023/12/render-network-rndr-gID_2-150x84.jpg 150w" sizes="(max-width: 1920px) 100vw, 1920px">
Render price has lost a great deal of value despite being the largest decentralized cloud GPU rendering platform in the blockchain space. It is down 60% from its all-time high. Other than the prevailing market conditions, there is no discernible internal cause for the price drop. RNDR technical analysis forecasts more downside for the asset in the short term before a potential reversal. 
<h2 id="render-price-looks-for-lower-support">Render Price Looks for Lower Support</h2> 
The price of Render is currently in a downward trend, trading below both the 50-day (green line) and 200-day (black line) exponential moving averages (<a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a>), confirming bearish momentum. 
Recent candlestick patterns indicate rejection at the support-turned-resistance, a bearish signal suggesting a possible downward continuation breakout from the descending triangle. 
On July 28, the 50-day EMA crossed below the 200-day EMA, forming a death cross on the daily timeframe, indicating the start of a prolonged bearish trend. 
<a href="https://coingape.com/price/render">RNDR’s price</a> of $5.4 has support around it, which also coincides with the 61.8% Fibonacci retracement level. If sell pressure persists, Render price may drop to $3.6, where the next level of support exists. This would be a 34% drop from its current price. 
Conversely, Render has immediate resistance around $7.09 (50-day EMA) and $7.12 (200-day EMA). This level also aligns with the bottom of the descending triangle and doubles as a major resistance level. 
The Relative Strength Index (<a href="https://coingape.com/glossary/rsi-relative-strength-index/">RSI</a>) is at 32.29, indicating a bearish stance leaning towards oversold territory. This suggests a potential for further downside before any reversal. Similarly, the Chaikin Money Flow (CMF), which shows the buy or sell pressure on an asset, is at 0.06 and consolidating, indicating that money flow is positive, with selling pressure slightly stronger than buying pressure. 
RNDR trading volume dropped toward the end of July, signaling a lack of buying interest at the current levels. This typically precedes a continuation of the bearish current trend. 
<figure id="attachment_210670" aria-describedby="caption-attachment-210670" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-210670" src="https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-02-at-09.54.57.jpeg" alt="Render Price" width="1280" height="538" srcset="https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-02-at-09.54.57.jpeg 1280w, https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-02-at-09.54.57-300x126.jpeg 300w, https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-02-at-09.54.57-1224x514.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-02-at-09.54.57-768x323.jpeg 768w, https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-02-at-09.54.57-150x63.jpeg 150w" sizes="(max-width: 1280px) 100vw, 1280px">
 <figcaption id="caption-attachment-210670" class="wp-caption-text">
 Render Price Analysis Chart
 </figcaption>
</figure> 
If the Render price breaks above $7.12 and fails to retrace lower, it will push the asset back into the descending triangle. Further upside movement above $9 may signal weakness in the market and invalidate the current bearish thesis. 
The RNDR price may increase to the next significant resistance, around $11.5, and then return to its all-time high. 
<h2 id="rndr-onchain-metrics-show-weakness">RNDR Onchain Metrics Show Weakness</h2> 
Data from <a rel="nofollow" href="https://app.intotheblock.com/coin/RNDR/deep-dive?group=financials&amp;chart=bullsAndBears">IntotheBlock</a> shows that Render’s daily active addresses dropped by 5%, signaling a reduced interest in the project. Additionally, <a rel="nofollow" href="https://coinalyze.net/render/open-interest/">Coinalyze</a> data shows that Open Interest (OI) in RNDR increased by 9% in the last 24 hours. Coupled with the dropping price, this signals that the bearish trend will likely continue. 
<figure id="attachment_210671" aria-describedby="caption-attachment-210671" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-210671" src="https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-02-at-09.54.26-1.jpeg" alt="RNDR Open Interest " width="1280" height="570" srcset="https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-02-at-09.54.26-1.jpeg 1280w, https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-02-at-09.54.26-1-300x134.jpeg 300w, https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-02-at-09.54.26-1-1224x545.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-02-at-09.54.26-1-768x342.jpeg 768w, https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-02-at-09.54.26-1-150x67.jpeg 150w" sizes="(max-width: 1280px) 100vw, 1280px">
 <figcaption id="caption-attachment-210671" class="wp-caption-text">
 RNDR Open Interest
 </figcaption>
</figure> 
Conversely, the average time held of coins transacted shot up in the first half of July, indicating that investors may be willing to hold on to their coins rather than offload in light of precarious market conditions. 
<img decoding="async" class="aligncenter size-full wp-image-210672" src="https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-02-at-09.54.26-2.jpeg" alt="RENDER adoption rate" width="1280" height="288" srcset="https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-02-at-09.54.26-2.jpeg 1280w, https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-02-at-09.54.26-2-300x68.jpeg 300w, https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-02-at-09.54.26-2-1224x275.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-02-at-09.54.26-2-768x173.jpeg 768w, https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-02-at-09.54.26-2-150x34.jpeg 150w" sizes="(max-width: 1280px) 100vw, 1280px"> 
A sudden increase in adoption rate and active address would suggest the market is getting stronger and could invalidate the bearish on-chain metrics, resulting in a positive Render price movement. 
The post <a href="https://coingape.com/markets/render-price-analysis-bearish-breakout-spells-crash-to-3-6/">Render Price Analysis: Bearish Breakout Spells Crash to $3.6</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Render Price Analysis: Bearish Breakout Spells Crash to $3.6

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