Why Are Fetch.ai (FET) and Render (RNDR) AI Cryptos Prices Plunging?

The prices of Fetch.ai (FET) and Render (RNDR) have experienced declines lately, reflecting broader market turbulence.

At press time, Fetch.ai (FET) is priced at $1.31, marking a 9.41% decrease in the past day and a 22.68% decline over the past week. Similarly, Render’s (RNDR) price is at $7.81, showing a 3.27% drop in the same period.

Why Fetch.ai (FET) is Down

Fetch.ai (FET) has faced notable scrutiny and confusion, especially after Binance’s recent announcements. Crypto analyst Posty highlighted this sentiment, stating, “They couldn’t shake people out of $FET, so they labelled it as a delisting rather than a rename to $ASI. Binance just helped form a -18% daily candle.”

Consequently, this confusion has led some investors, like Posty, to consider buying the dip despite the ongoing market uncertainty.

Additionally, Pierre provided technical insights, noting that FET’s daily 100 moving average was lost, and its trend flipped to resistance. He detailed the potential outcomes for FET, indicating that holding around $1.15 could lead to a bounce back to $1.5-$1.6. However, losing this support might necessitate finding new levels for potential gap fills.

Crypto analyst Dona.inj highlighted concerns about market manipulation, expressing frustration over recent events. Whales couldn’t force investors to sell at the bottom, so they used a delist announcement. FET is not being delisted; it will be replaced with ASI. 

Consequently, he criticized Binance for creating the unnecessary FUD. This sentiment resonates with many, reflecting broader concerns about transparency and manipulation in the crypto markets.

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Render (RNDR) Price Analysis and Predictions 

Render (RNDR) has also seen a price decline, with current market trends suggesting further volatility. King Crypto shared his strategy, explaining his decision to place a spot order for Render at $7.5. He noted the importance of the current MACD line structure and the potential for a secondary dip toward key support at $7.3 before a bullish reversal.

Meanwhile, iGREY analyzed RNDR’s price movements within the context of Elliott Wave Theory. He described the recent patterns as part of a typical Wave 4 pullback, characterized by choppy movements and investor fatigue. 

According to iGREY, the current leg down suggests an ABC correction, with further movements dependent on where the current leg ends.

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Samuel Munene
Samuel Munene

Samuel is a vesatile and seasoned content editor with a sharp eye for detail and a passion for writing. Web3 techonology is the future! With massive experience in the publishing industry, I specialize in refining and enhancing written material to ensure clarity, coherence, and engaging narratives.