Solana Breakpoint conference could be saving grace for RNDR holders as Render price eyes 6% fall


  • RNDR token is overbought, rejected from the $2.60 level as the RSI indicator executes a sell signal below signal line.
  • Render price could fall 6% to test the critical support at $2.25 unless bullish momentum increases.
  • The bearish outlook will be invalidated after a daily candlestick close above the $2.60 level.
  • Meanwhile, token holders anticipate November 2, watching for revelations by foundation director Trevor Harries Jones at the Solana Breakpoint meetup.

Solana Breakpoint meet up started on October 30, marking a three-day event to November 3 as stakeholders in the cryptocurrency scene come together in Amsterdam, Netherlands, for the SOL community’s annual celebration. Expected attendees include developers, artists, content creators, and policymakers, among others, with a massive guest lineup, including a Render Network Foundation director, among other crypto executives.

Also Read: SOL pumps 7%, records highest daily close since FTX went down as Solana Breakpoint conference commences

Render Network Foundation director to attend the Solana Breakpoint meet up

Render Network Foundation director, Trevor Harries Jones, is among the expected guests at the Solana Breakpoint meet up in Amsterdam, slated to take the stage on November 2. Based on a recent announcement, Jones will be detailing the latest innovations and advancements within the Render network.

Depending on what Jones has in store for the RNDR community, Render price could respond accordingly, likely pivoting on positive news to deviate from the imminent fall.

Render price outlook with 6% losses in sight for RNDR holders

Render (RNDR) price risks a 6% fall to test the critical support at $2.25 as momentum continues to drop, indicated by the falling Relative Strength Index (RSI). Notably, this momentum indicator has already executed a sell signal, crossing below the signal line (yellow band). A break below the 70 level could spell doom for RNDR token holders.

Increased selling pressure could stretching Render price below the $2.25 resistance level would clear the clog, with the altcoin likely spiraling to the $2.00 psychological level. In the dire case, the downtrend could send the cryptocurrency to the demand zone, extending from $1.80 to $1.71. If this order block fails to hold as a support and paves way as a bearish breaker, Render price could extend the slump to the $1.47 support level, or worse, complete a 45% fall from current levels to test the support floor at $1.27.

RNDR/USDT 1-day chart

However, if Jones’ speech inspires bullish momentum from RNDR holders, the ensuing buying pressure could send Render price north, restoring the market value above the $2.50 level.

Increased buying pressure above this level could see Render price shatter past the $2.60 resistance level, potentially going as high as the $2.80 in a highly bullish case, collecting sell-side liquidity residing above before a possible tag of the $2.95 range high. Such a move would constitute a 25% climb above current levels.

The position of the RSI still above 50 is a good sign, bolstered by the histogram bars of the Awesome Oscillator (AO) still flashing green in the positive zone. This shows the bulls continue to maintain a strong presence in the RNDR market.

Onchain metrics showing Render price bullish potential remains valid

Santiment data supports the upside, showing that social dominance for RNDR token remains is rising, pointing to the altcoin being among the most talked about cryptocurrencies relative to more than 50 tokens in the crypto arena.

Conversely, the supply of RNDR tokens on exchanges continues to dwindle, showing that investors are still not willing to sell despite some of them sitting on unrealized profit while others endure unrealized losses. With seller momentum at bay, Render price has time to recover.

Meanwhile, fresh capital is flowing into the RNDR market, evidenced by the significant increase in Tether (USDT) stablecoin market capitalization. This can be interpreted as new money coming in to buy RNDR.

RNDR Santiment

 

 

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