Bearish Market Sentiment
Render (RENDER), a prominent crypto AI project, is currently facing a bearish market sentiment amidst a broader downturn in the cryptocurrency sector. Major assets like Bitcoin (BTC), Ethereum (ETH), and XRP have all recorded significant price declines, impacting the overall market sentiment.
At the moment, RENDER is trading around $3.45, marking a decline of over 3.55% in the last 24 hours. The trading volume has also decreased by 55%, indicating reduced participation from traders and investors as the price hovers around a critical level.
RENDER Price Action and Upcoming Levels
Technical analysts have identified a bearish head and shoulders pattern on the four-hour time frame for RENDER. The asset is on the brink of a neckline breakdown at $3.40, with predictions of a potential 30% decline if the price closes below $3.35. This could lead RENDER to drop to $2.22 in the near future.

Furthermore, RENDER’s Exponential Moving Average (EMA) suggests that the asset is still in a downward trend, potentially contributing to the current lack of interest from traders and investors.
Traders Over-Leveraged Positions
Traders have heavily leveraged their positions in RENDER, with long positions at $3.39 and short positions at $3.60. In the past 24 hours, traders have accumulated $382K worth of long positions and $800K worth of short positions, as reported by on-chain analytics firm Coinglass.
Considering these factors alongside the technical analysis, it is apparent that bears are exerting control over RENDER’s price action. There is a looming possibility of the asset breaking below the neckline and experiencing further decline in the near term.