Render Token is Going to Zero as RNDR Price Drops 10% in a Week and New Crypto XRP20 Just Raised $1.6 Million

cryptonews.com:

Render is bouncing back, after a tumultuous two-months saw holders endure a -40% bleed-out since May, but with resistance from moving averages on the way - is RNDR going to zero?

Downside price moves have dominate Render's performance in recent weeks, after rejection from the $3.00 level triggered a major retracement.

In a return back to May price levels, Render is now trading low at a current price of $1.70 (a 24-hour change of +2.75%), leading some to ask whether the leading Web3 GPU project can survive.

This comes amid a major -40% retracement move, from local high at $3.00 on May 21, which has seen price action plummet through multiple price levels.

Worse still, the downside action has seen RNDR lose support from both the 20DMA and 200DMA, which have now formed a dreaded 'death cross' pattern on the chart - signalling a bleak and uncertain future.

Trapped below a tough ceiling of resistance from the 20DMA for more than 50 days, an incoming retest of 20DMA resistance could prove pivotal in ascertaining future RNDR price trajectories.

However, there are some reasons to be cheerful, RNDR has displayed strength with an impressive bounce from lower trendline support around $1.50.

And, Render's indicators have also flipped to bullish stature, with the RSI showing an oversold signal at 43.44 and the MACD on the fence at a rare 0.00.

This leaves everything to play for as RNDR pushes up to retest moving average levels, if Render is able to flip moving averages to support it could end nearly two months of downside price action - setting RNDR up to target a return to $2.15 (+25.5%).

However, if the ceiling of resistance forces a price rejection, downside price action could be aggressive here with a move down to the lower support level