Render Price Action Revolves Around Binance Support for Token Swap and Rebranding

Render price has been fluctuating over the past 24 hours following a bearish trend. The altcoin is trading in a descending pattern, falling below the $7 mark amid market corrections. The cryptocurrency market has been witnessing notable volatility lately. The AI-based altcoin traded at $6.41 during the European trading session, down 2.10%.

Trading volume has decreased by 27.97%, indicating lower trading activity. According to CoinMarketCap DataThe current market cap is approximately $2.54 billion, making Render the 31st largest cryptocurrency by market cap.

Render price drops in the wake of market corrections

Last week

Make Market behavior was lackluster, recording a 3% decline. This decline is part of a 20% decline in the previous month and signals a continued downtrend for the AI-centric cryptocurrency.

Currently AI-based Altcoin fluctuates between $6.3 and $6.7 as market forces battle for dominance, although recent trends favor the bears.

BNB supports Render’s transformation with upcoming token swap

The leading cryptocurrency ExchangeBinance, has approved the transformation and renaming of the Render token, formerly known as RNDR. As part of this approval Binance announced the removal of existing RNDR trading pairs, including pairs such as RNDR/BTC and RNDR/USDT.

This action is scheduled for July 22, 2024 at 6:00 AM. Binance will also cancel all open orders with RNDR. After the delisting, Binance plans to introduce new trading pairs under the ticker symbol RENDER.

Can bullish traders push the price above $7 soon?

Bearish momentum has continued to affect the RNDR token and may push its value below the $6.50 support zone. Increasing pressure from sellers could further push the price down to around $6.30, highlighting a negative forecast. If the downtrend continues, RNDR could drop to a low of $6.20, indicating a significant market decline.

On the other hand, if bullish traders regain control, RNDR could overcome the resistance level of $6.60. A breakout of this barrier could boost the token’s value to $7. A sustained positive trend could push the price towards $10, indicating a robust increase in investor confidence.

The Bollinger Bands on the 4-hour price chart for Render are showing a tight trading range, indicating low volatility over the past few sessions. The upper Bollinger band is fluctuating around $6.69, while the lower band is at $6.47. This tight channel indicates that RNDR has been trading within a restricted price range.

The Relative Strength Index (RSI) on the same chart is at 49.59, close to the neutral 50 mark, indicating that the market does not have strong momentum in either direction. The Moving Average Convergence Divergence (MACD) shows a convergence of the MACD line and the Signal line, suggesting that the market may be heading for an uptrend.

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