Render Price Action Pivots On Binance Support For Token Swap and Rebranding

Render price experienced fluctuations over the past 24 hours after a bearish trend. The altcoin is trading in a descending pattern, breaking below the $7 level amid market corrections.  The cryptocurrency market experienced notable volatility recently. The AI-based altcoin was trading at $6.41 during the European trading session, marking a decrease of 2%. 

The trading volume has seen a dip of 28%, indicating reduced trading activity. According to CoinMarketCap data, the current market capitalization stands at approximately $2.6 billion, positioning Render as the 31st largest cryptocurrency by market cap.

Render Price Dips Amid Market Corrections 

Render price  behavior has been lackluster over the past week, with a 3% decrease. This decline is part of a 20% drop observed over the previous month, signaling a persistent bearish trend for the AI-centric cryptocurrency. 

Currently, The AI-based altcoin oscillates between $6.3 and $6.7 as market forces vie for dominance, though recent trends favor the bears.

BNB Supports Render’s Transformation with Upcoming Token Swap

The leading cryptocurrency exchange, Binance, has endorsed the transformation and rebranding of the Render token, previously known as RNDR. As part of this endorsement, Binance announced the removal of existing RNDR trading pairs, including pairs like RNDR/BTC and RNDR/USDT. 

This action is set for July 22, 2024, at 06:00. Binance will also cancel any open orders involving RNDR. Following the delisting, Binance plans to introduce new trading pairs under the RENDER ticker. 

Can Bullish Traders Push the Price Beyond $7 Soon?

The bearish momentum has continued to impact the Render price, potentially driving its value down below the $6.50 support zone. Increasing pressure from sellers might further reduce its price to around $6.30, underscoring a negative outlook. If the downward trend persists, RNDR could see a drop to a low of $6.20, indicative of a significant market retreat.

On the flip side, if bullish traders regain control, Render price could climb past the $6.60 resistance level. Breaking past this barrier might boost the token’s value to $7. A sustained positive trend could push its price toward $10, signaling a robust upturn in investor confidence.

The Bollinger Bands on the 4-hour price chart for Render show a narrow trading range, suggesting low volatility in recent sessions. The upper Bollinger Band hovers around $6.69, while the lower band is at $6.47. This tight channel indicates that RNDR has been trading within a constrained price range.

The Relative Strength Index (RSI) on the same chart is 49.59, close to the neutral 50 mark, which indicates the market’s lack of strong momentum in either direction. The Moving Average Convergence Divergence (MACD) shows a convergence of the MACD line and the signal line, suggesting that the market might be gearing towards a bullish.