Render price dips to $5.31 amid market volatility: A closer look

• RENDER price fell sharply on Monday to an intraday low near $5.30.
• The RSI reading on the daily timeframe has ranged above 41 since 21st August.

Bitcoin [BTC] traded slightly higher on Monday, 8th October, climbing to a 24-hour high of $63,957, according to CoinMarketCap data, before reversing course. The flagship cryptocurrency pulled several altcoins alongside it, including Bittensor [TAO] and Sui [SUI], which had racked up double-digit gains at the time of writing.

Memecoins also broadly traded in the green, thriving on a trending, albeit far-fetched, narrative that the memecoin niche will fuel the next crypto market bull cycle.

Meanwhile, Render [RENDER], Kaspa [KAS], and Maker [MKR] stood out among the top losers on the day. Render’s price dropped sharply from $5.66 to a 24-hour low of $5.31 on Monday, bringing the support level around $5.34 into focus.

RENDER’s price struggle at key support

RENDER has shed roughly 17% of its value in the past seven days, trimming its year-to-date gains to 23%. This display highlights a continued struggle in the $4.68 to $6.70 range, where the price has been consolidating for two months.

On TradingView’s 4-hour chart, RENDER/USDT dipped below $5.30 on 3rd October for the first time since September 21 before recovering above the crucial range ahead of the weekend.

Source: TradingView

RENDER price retested the $5.40 support again today but had reclaimed higher ground at press time.

This price floor, which coincides with the 50-day Simple Moving Average (SMA) on the daily chart, is significant as it formed a notable resistance for bullish speculators in mid-September.

In particular, RENDER’s price rose to a month high of $6.81 following a successful breakout above the resistance on September 21.

RENDER/USDT technical weaknesses

Messari data shows RENDER has accumulated a trading volume of $2.65 billion in the last 30 days, reflecting an 18.43% increase. The figure is, however, notably lower than that of other AI-related tokens like Bittensor’s TAO, whose trading volume has grown by 170% in the same period.

On the daily chart, RENDER/USDT was trading below its 20, 50, and 100-day exponential moving averages (EMAs), signaling bearish sentiment in the short to medium term.

The daily Relative Strength Index (RSI) reading of 48 is near a neutral range, suggesting that buying support is adequately meeting selling pressure.

Source: TradingView

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The combination of mildly negative technical indicators, market positioning, and price decline paints a moderately bearish outlook for RENDER in the near term.

Given the lack of immediate catalysts, Render’s price action is poised to be heavily influenced by broader market sentiment.