Render price dips 8% as Nosana Compute Client onboarding voting concludes

Render (RNDR) price has displayed massive volatility over the past few weeks, coming on the back of a choppy altcoin market. Over the last day, however, the altcoin has taken to a steep load-shedding exercise that could see RNDR holders suffer grave losses if the immediate support gives in.

Also Read: Render Price Prediction: RNDR bulls prepare to revisit $5.27

Render’s Nosana Compute Client onboarding voting conclusion

Render (RNDR) price has plummeted 8% ahead of the conclusion of the Nosana Compute Client onboarding voting. The event is part of a proposal to onboard Nosana as Render’s fourth compute client. This includes a 30,000 RENDER token grant that passed the initial vote, with the final vote due to end on February 6.

Nosana is a DePIN built atop the Solana blockchain, helping developers and organizations build out and launch AI inference models. Nosana specifically caters to developers of AI inference models and applications. This defines its unique market compared to the other compute clients on the Render Network.

Render price outlook

Render (RNDR) price is on a downtrend, down nearly 10% in the last day. If the 50-day Simple Moving Average (SMA) gives way, the token could roll over to the 61.8% Fibonacci level of $3.75. This would denote a 13% fall below current levels.

In a dire case, the slump could see Render price extend a leg lower to the 50% Fibonacci level at $3.27. A break and close below this level would invalidate the prevailing big-picture bullish outlook.

RNDR/USDT 1-day chart

Meanwhile, the Render price sits on the support due to the 50-day Simple Moving Average (SMA) at $4.26. Despite an 8% dip on the day, the odds continue to favor the bulls. This is seen by the position of the Relative Strength Index (RSI) above 50 and the Moving Average Convergence Divergence (MACD) above its signal line (orange band).

Also, the histogram bars of both the MACD and the Awesome Oscillator show large volumes of green histogram bars, adding credence to the bullish thesis.

If the bulls increase their buyer momentum, Render price could pivot around the 50-day SMA, scaling a move north. This could see the cryptocurrency extend to tag $5.27, and even reclaiming the range high at $5.28. A higher high above $5.28 would invalidate the bearish thesis. Such a move would denote a 20% climb above current levels.