RENDER Rally Powers the AI Boom, But a 76% Drop in Buying Pressure Exposes Cracks
Despite an 85% price surge, RENDER faces structural resistance and a 76% drop in buying pressure, signaling potential weakness.Summary
RENDER's price has surged nearly 85% over the past week, significantly driving the broader AI sector rally. However, a closer look at the data reveals underlying structural issues. RENDER remains within a descending channel established since October, and the recent rally failed to break the upper boundary, evidenced by long upper wicks on daily candles indicating strong selling pressure at resistance. While the Chaikin Money Flow (CMF) confirmed the rally had capital support by moving above zero, this support was insufficient to reverse the broader downtrend.
A major warning sign is the sharp 76% decline in RENDER exchange outflows over 24 hours, signaling a significant slowdown in buying pressure just as the price hit resistance. Furthermore, momentum indicators show a hidden bearish divergence on the Relative Strength Index (RSI), suggesting momentum is weakening despite the elevated price.
For RENDER to regain bullish control, it needs a daily close above $2.56 to break the descending channel, potentially targeting $2.93. Failure to do so increases downside risk, with initial support expected near $2.05, followed by $1.80 or $1.59 in a stronger correction.
(Source：BeInCrypto)