Render (RNDR) Coin Price Outlook Remains Bearish Despite Surge – Is This Just a Dead Cat Bounce?
After seeing a surge of 10% over the last 24 hours, RNDR coin is currently trading around the $1.50 mark. However, technical analyses suggest RNDR may continue its overall downtrend despite its recent bounce.
RNDR had been trading in a Descending Triangle pattern, which is typically a bearish continuation pattern, signaling the likelihood of further downside. The breakout below the key support level of $1.70, which was the lower trendline of the Descending Triangle, confirmed the bearish outlook.
The price has since declined to around the $1.30 area which is providing some support for now. However, the overall trend remains firmly bearish across all timeframes. The momentum indicators also align with this bearish bias, with the MACD histogram just starting to turn up from oversold levels and the RSI below 45.
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Key support levels to watch include $1.30 and $1.00. If RNDR breaks decisively below $1.00, it could open up a further decline toward the psychologically-important $0.50 level. On the upside, previous supports turned resistance at $1.70 and $2.50 would be the levels to monitor. Only a decisive break back above $1.70 would negate the current bearish outlook.
Overall, traders should remain cautious on RNDR coin in the near-term and look to take advantage of any bounces higher to sell into strength. Conservative traders may consider setting price alerts near the key support and resistance levels mentioned to manage their positions. The path of least resistance for RNDR appears to remain to the downside despite its recent oversold bounce.
You can view our RNDR price prediction here.
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