Render (Render), one of the top crypto AI projects, is ready for a price decrease due to the formation of Beerarish price action on the four-hour period.
Beerarish Market sentiment
From today, March 9, 2025, the general sentiment for cryptocurrency market preparation seems toarish. Leading assets such as Bitcoin (BTC), Ethereum (ETH) and XRP have experienced remarkable price falls that influence the wider market and contribute to a large decline in the sector.
Render is currently being traded in the vicinity of $ 3.45 and has registered a price fall of more than 3.55% in the last 24 hours. In the same period, trade volume fell by 55%, indicating a lower participation of traders and investors, since the price reached a crucial level.
Show price promotion and upcoming levels
According to the technical analysis of experts, Render has formed a bearish main and shoulder pattern on the four-hour period and is about to have a neckline drop at $ 3.40.
Based on recent price momentum and historical patterns, when it actively breaks the neckline and closes a daily candle under $ 3.35, there is a strong possibility of a decrease of 30%, which makes it possible to reach $ 2.22 in the coming days.
In addition to this Bearish price action, Render’s Exponentially advancing average (EMA) indicates that it is still active in a downward trend, which may contribute to the lack of participation of traders and investors.
Traders List positions about
Traders are currently being supplied too much at $ 3.39 at the bottom and $ 3.60 at the top, with $ 382k of long positions and $ 800k of short positions in the last 24 hours, according to on-chain analysis company Coinglass.
When combining these statistics with technical analysis, it seems that bears have control and quickly push the render under the neckline, which may activate further decline.
Credit : coinpedia.org
