Render (RENDER), a prominent crypto AI project, is currently facing a potential price decrease as bearish price action unfolds on the four-hour time frame.
Bearish Market Sentiment
Today, on March 9, 2025, the overall sentiment in the cryptocurrency market seems bearish. Major assets like Bitcoin (BTC), Ethereum (ETH), and XRP have seen significant price drops, impacting the entire market and leading to a general downturn in the sector.
RENDER is presently trading around $3.45 and has experienced a decrease of over 3.55% in the last 24 hours. Concurrently, its trading volume has decreased by 55%, indicating reduced involvement from traders and investors as the price approaches a critical level.
RENDER Price Action and Upcoming Levels
Expert technical analysis suggests that RENDER has formed a bearish head and shoulders pattern on the four-hour time frame and is on the brink of breaking below the neckline at $3.40.
Considering recent price trends and historical patterns, if the asset breaches the neckline and closes a daily candle below $3.35, there is a high likelihood of a 30% decline, potentially reaching the $2.22 level in the near future.
In addition to the bearish price action, RENDER’s Exponential Moving Average (EMA) indicates a continued downtrend, potentially contributing to the reduced engagement from traders and investors.
Traders Over-Leveraged Positions
Traders are currently over-leveraged between $3.39 on the lower end and $3.60 on the upper end, with long positions totaling $382K and short positions amounting to $800K in the past 24 hours, as reported by on-chain analytics firm Coinglass.
Considering these metrics alongside technical analysis, it seems that bears are in charge and may soon push RENDER below the neckline, potentially triggering further decline.
