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Our analysis of the situation
Bearish vibes are still the name of the game in the current market as RENDER finds itself in the eye of the storm, shedding value on a weekly basis. According to the latest stats from CoinGecko, the token has taken a nosedive, dropping by a hefty 18% since the previous week, painting a rather bleak picture for the digital darling. Will RENDER be able to shake off these bearish blues, or are we in for a rough ride?
While the market continues to struggle, there’s a glimmer of hope on the horizon as Bitcoin and Ethereum make moves to challenge their key resistance levels in the short term. Nevertheless, with a heap of macro-centric happenings alongside the general market optimism, the immediate upward potential for crypto seems somewhat constrained if the market persistently tumbles.
$5.1 Holds the Key
At present, the coin is grappling to reclaim lost territory against the bullish contenders. Hovering within the $3.3-$5.1 trading spectrum, RENDER finds itself betwixt and between, leaving ample room for both bears and bulls to jostle. As things stand, the bears seem to possess a slight edge in the short term.
The token’s relative strength index (RSI) suggests that the bulls are mustering strength for a medium-term upswing, aiming to breach the $5.1 resistance in the coming weeks. However, the current timeline for the altcoin remains muddled, as market volatility hampers altcoins from swaying independently.
At the time of writing, the broader crypto market has taken a slight dip, recording a 10 basis points drop after a nearly 1% surge a couple of hours back. This unsteadiness, coupled with investor FUD, is likely to stifle RENDER’s ascent in the near future. Brace yourselves, as the week ahead may bring additional turbulence for the broader market.
Render: Keeping Tabs on Macroeconomic Indicators
The upcoming week will witness the release of several key labor indicators by the US Bureau of Labor and Statistics, fueling investor hopes for a soft landing of the US economy. The labor market, which significantly contributed to the August selloff, is set to undergo scrutiny once more.
Surprisingly, forecasts for the payroll indicators paint an optimistic picture. The Nonfarm Payroll forecast sits at 164k, up from the previous 112k, signaling a potential future rate cut. If this week’s macro indicators flash a bullish signal, the market could experience a resurgence, with funds flowing back into cryptocurrencies in the long haul.
Additionally, all eyes are set on the upcoming consumer price index (CPI) releases, which will signal the direction of the US Federal Reserve’s rate decisions. Market indices are showing bullish tendencies, with the S&P 500 and Dow Jones enjoying a percentage point uptick over the short term.
Get ready for a wild ride as RENDER navigates the stormy seas of the crypto market. It's a rollercoaster you won't want to miss!
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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Please, behave!