The price of the leading artificial intelligence-based token, Render (RENDER), has taken a significant hit over the past week, dropping by 25%. While some on-chain metrics suggest that now may be a good time to buy the altcoin as it is undervalued, there are still risks associated with its price potentially falling further.
As of the latest update, RENDER is trading at $4.62, with a recent low of $4.14 during Monday’s market downturn. The market value to realized value (MVRV) ratio for RENDER is currently negative, with the 30-day and 90-day ratios standing at -9.47 and -25.79, respectively. This indicates that the token is undervalued compared to its average purchase price.
However, despite the potential buying opportunity presented by the negative MVRV ratio, RENDER’s price action on a daily chart suggests a continuation of its downtrend in the short term. The token is currently trading below its 20-day exponential moving average (EMA) and its 50-day small moving average (SMA), indicating a bearish trend that may prompt traders to sell or hold off on buying until signs of recovery are observed.
Additionally, RENDER’s Relative Strength Index (RSI) is currently at 31.36, signaling a decline in buying activity and potentially oversold market conditions. If demand for RENDER continues to decrease, the token may revisit its recent low of $4.14 and potentially drop even further to $3.41. However, if buying activity picks up and accumulation stabilizes, RENDER’s price could climb to $5.87.
It is important to note that this analysis is for informational purposes only and should not be considered financial advice. Market conditions can change rapidly, so it is always recommended to conduct your own research and consult with a professional before making any investment decisions.
