Render Token (RNDR) Struggles to Keep Pace with Rival AI Coins 📉
Render Token (RNDR) has recently faced challenges in keeping up with other top AI-focused cryptocurrencies. The number of large holders, essential for driving liquidity, has significantly reduced since July 2024, signaling reduced confidence from major players.
The drop in whales holding between 100,000 to 1,000,000 RNDR indicates difficulties in attracting big players, crucial for a project's long-term success. This lack of whale interest signals a decline in future growth prospects and discourages smaller investors.
Despite being in the AI sector, RNDR's market performance is lagging. With a recent price decline of -5.32%, it has fallen behind competitors like WLD and TAO, which saw price increases. RNDR's trading volume also trails by 45% compared to rivals, suggesting dwindling market interest.
The current downward trend in RNDR's BBTrend metric shows signs of easing, indicating selling pressure might be softening. However, this needs monitoring over the next few days to determine if RNDR can recover market interest.
On October 2, RNDR's EMA lines formed a death cross, hinting at a potential downtrend. If this trend strengthens, RNDR might test key support levels, implying a potential 15% price drop. Alternatively, a recovery could test resistance levels, hinting at a potential upside.
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