Summary
TLDR: Render price has been declining after reaching an all-time high in March. The decrease in activity and active addresses indicates that investors are pulling out, potentially causing further losses. If the $10 support level is lost, the price could fall to $8.7 and possibly $8.05, marking a 20% correction. On the other hand, if the psychological support of $10 holds, there is a chance for recovery. This analysis is for informational purposes only and not financial advice.
Key Points
1. Render price has been declining for the past two weeks after marking an all-time high in March. But it seems like this sentiment among investors has dissipated.
2. With declining activity, could RNDR be on the verge of losing crucial psychological support?
3. Render price is witnessing bearish cues building up not only because of the broader market cues but also because of its own investors. Active Addresses, which represent the investors participating in the network and conducting transactions, have noted a massive decline.