Crypto enthusiasts keeping an eye on Render (RENDER), a leading AI project in the crypto space, should brace themselves. Technical indicators are suggesting a potential price drop for RENDER, as bearish patterns emerge on the four-hour chart.

Bearish Market Sentiment 

Looking at the broader crypto landscape today, March 9, 2025, a cautious mood seems to be prevailing. Major players like Bitcoin (BTC), Ethereum (ETH), and XRP have all seen significant dips in their prices. This overall downturn is casting a shadow across the entire cryptocurrency market, influencing assets like RENDER.

Currently, RENDER is trading around $3.45. In the last day alone, it’s seen a price decrease of over 3.55%. Adding to this bearish picture, trading volume has also slumped by a significant 55% during the same 24-hour window. This dwindling trading activity suggests that fewer traders and investors are jumping in as the price hovers around a critical juncture.

RENDER Price Action and Upcoming Levels

According to technical experts analyzing RENDER’s price movements, a bearish head and shoulders pattern has taken shape on the four-hour chart. This formation is a signal to watch out for, as RENDER appears to be on the brink of breaking down below the neckline support level at $3.40.

Considering recent price behavior and historical trends, analysts suggest that if RENDER does break below this crucial neckline – specifically, if it closes a daily candle below $3.35 – we could be looking at a substantial 30% price correction. This could potentially push the price down to around the $2.22 mark in the days ahead.

Adding to the concerning technical signals, RENDER’s Exponential Moving Average (EMA) further reinforces the downtrend. This persistent downward momentum indicated by the EMA might be another factor discouraging traders and investors from actively participating in the market.

Traders Over-Leveraged Positions 

Currently, traders’ positions appear to be stretched thin, with over-leveraged positions at $3.39 on the downside and $3.60 on the upside. Data from on-chain analytics firm Coinglass reveals that in the last 24 hours, a significant $382K worth of long positions and a larger $800K worth of short positions have been established.

Considering these factors alongside the technical analysis, the overall picture suggests that sellers are currently in control of RENDER’s price action. This dominance could very well lead to a break below the neckline, potentially setting the stage for a deeper price decline.