• Render price is on a steep load-shedding exercise after a rejection from the late December highs.
  • RNDR could extend the fall by 13% to the 61.8% Fibonacci retracement if the 50-day SMA at $4.26 fails to hold.
  • A higher high above $5.28 would invalidate the bearish thesis.
  • The Nosana Compute Client onboarding voting ends on February 6.

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.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Ethereum price recovers slightly as whales begin accumulation spree

Ethereum price recovers slightly as whales begin accumulation spree

Ethereum showed signs of recovering its bullish momentum on Thursday, briefly rising to $3,618 as whales entered a buying spree. Despite the movement from whales, the US Securities and Exchange Commission Wells notice to Uniswap could affect Ethereum in the long run.

More Ethereum News

Solana borrowing and lending platform MarginFi sees massive withdrawal after CEO resignation

Solana borrowing and lending platform MarginFi sees massive withdrawal after CEO resignation

MarginFi saw more than $260 million leave its platform into other competing Solana platforms on Thursday. This follows controversial accusations from staking protocol SolBlaze and CEO Edgar Pavlovsky's resignation.

More Solana News

Doge contributor warns of extreme volatility amid Coinbase listing of DOGE and PEPE futures products

Doge contributor warns of extreme volatility amid Coinbase listing of DOGE and PEPE futures products

A Dogecoin contributor warned the DOGE community on Thursday to desist from derivatives trading due to the high volatility that may occur as the Bitcoin halving approaches. The warning comes as Coinbase is set to begin trading the Dogecoin futures contract after gaining approval from the CFTC.

More Dogecoin News

SEC quietly investigated and closed case against altcoin FLOW founder Dapper Labs in September

SEC quietly investigated and closed case against altcoin FLOW founder Dapper Labs in September

Flow cryptocurrency received attention on Monday after Fortune obtained a document revealing the Securities & Exchange Commission closed an investigation on its founding company, Dapper Labs, which is also responsible for developing NBA Top Shot and Crypto Kitties NFTs.

More Cryptocurrencies News

Bitcoin: Short-term holders add 1.12 million BTC, what does this mean?

Bitcoin: Short-term holders add 1.12 million BTC, what does this mean?

Bitcoin (BTC) price action for the past three weeks has been confusing for sidelined participants. On the one hand, investors are ignoring BTC and trading altcoins, and on the other hand, traders are expecting a potential dip.

Read full analysis

BTC

ETH

XRP