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Is Render Coin Price About to Lose $10 Support?

The price of Render coin has fallen over the past two weeks after hitting an all-time high in March. But that sentiment among investors appears to have dissipated.

With declining activity, is the RNDR about to lose crucial psychological support?

Render Coin Investors Take a Step Back

Witness the price of a currency Give back Bearish signals accumulate not only because of broader market signals, but also because of their investors. Active addresses, which represent investors participating in the network and transacting, have seen a significant decline.

In one week, these addresses fell from 3,530 to 1,580. This indicates that as prices fall, investors become convinced that they are exposing themselves to further losses, prompting them to withdraw and stay where they are until recovery begins.

Provide active addresses.
Provide active addresses. Source: Feeling

Not only that, but when active addresses are split, it appears that there is still profit among coin holders. Give back. The distribution of active addresses by profitability shows that 77% of investors are in profit mode, without gains or losses, while 21% make profits.

Presentation of active addresses by profitability.
Active addresses by profitability. Source: In the block

Their presence indicates that they intend to make a profit before prices fall further and they suffer losses. Therefore, the Render price will face further declines if these sales intensify.

RNDR price forecast: new drop on the way?

Render price, if affected by the bearish signals mentioned above, could lose the $10 support level and fall to $8.7. If the altcoin loses this support, the altcoin will likely fall to $8.05, a 20% correction.

RNDR/USDT on the 12-hour chart.
RNDR/USDT 12-hour chart. Source: Trading View

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On the other hand, if the psychological support of $10 remains uninterrupted, the price of rendering coins will likely have a chance to start recovering. If price can swing the 50 and 100 day EMA into support, it will invalidate the bearish thesis.

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