RENDER Flashes Red With 18% Short-Term Loss – Details

Christian Encila

Last Updated: September 4, 2024 3:00 am

3 mins read

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Bearish sentiment remains supreme in the market today as RENDER flashes red, losing more value on the weekly timeframe. According to CoinGecko, the token bled by 18% since last week, continuing the bearish market consensus. With the market continuing to underperform, the altcoin might be on the pain train in the next couple of weeks.

However, the market has shown signs of a possible flip in sentiment with Bitcoin and Ethereum retesting their crucial resistance levels in the short term. But with a macro-packed week alongside the broader market’s optimism, the upside potential for the crypto remains stunted in the short term if the market continues to fall.

$5.1 Resistance Crucial For Long-Term Gain

As of writing, the token is struggling to retake lost ground against the bulls in the short term. The coin is currently trading between the $3.3-$5.1 trading range, a pretty wide range leaving space for both the bulls and bears to maneuver. In the short term, the bears have the advantage by a small margin.

The token’s relative strength index (RSI) shows that the bulls are gathering momentum for a medium-term swing with a breakthrough on the $5.1 resistance level occurring within the next few weeks. However, the current timeline for the altcoin remains blurry as the market’s volatility hinders altcoins from making semi-autonomous movements.

RENDR is currently trading at $4.95. Chart: TradingView

As of press time, the broader crypto market has fallen by 10 basis points after rising by nearly a percent a couple of hours ago. This volatility coupled with investor FUD will continue to hinder its upside in the near future. For now, investors should exercise caution as the week might be more rocky for the broader market.

Render: Macroeconomic Indicators As Focal Points This Week

Multiple labor indicators will be released this week by the US Bureau of Labor and Statistics with investors optimistic that the United States economy will have a soft landing. The labor market has been scrutinized as it was one of the primary factors the August selloff occurred.

Forecasts for the payroll indicators are surprisingly optimistic. The Nonfarm Payroll forecast is 164k from the previous 112k, indicating that the market sees a future rate cut.

If this week’s macro indicators flash bullish, the market will see renewed strength with capital returning to cryptocurrencies in the long run. Investors are also eyeing the consumer price index (CPI) releases next week which will signal whether the US Federal Reserve will cut or keep the current rates. Market indices are bullish with the S&P 500 and Dow Jones up by a couple of percentage points in the short term.

Featured image from Pexels, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.