4 September 2024
Bearish sentiment remains supreme in the market today as RENDER flashes red, losing more value on the weekly timeframe. According to CoinGecko, the token bled by 18% since last week, continuing the bearish market consensus. With the market continuing to underperform, the altcoin might be on the pain train in the next couple of weeks.
However, the market has shown signs of a possible flip in sentiment with Bitcoin and Ethereum retesting their crucial resistance levels in the short term. But with a macro-packed week alongside the broader market’s optimism, the upside potential for the crypto remains stunted in the short term if the market continues to fall.
$5.1 Resistance Crucial For Long-Term Gain
As of writing, the token is struggling to retake lost ground against the bulls in the short term. The coin is currently trading between the $3.3-$5.1 trading range, a pretty wide range leaving space for both the bulls and bears to maneuver. In the short term, the bears have the advantage by a small margin.
The token’s relative strength index (RSI) shows that the bulls are gathering momentum for a medium-term swing with a breakthrough on the $5.1 resistance level occurring within the next few weeks. However, the current timeline for the altcoin remains blurry as the market’s volatility hinders altcoins from making semi-autonomous movements.
As of press time, the broader crypto market has fallen by 10 basis points after rising by nearly a percent a couple of hours ago. This volatility coupled with investor FUD will continue to hinder its upside in the near future. For now, investors should exercise caution as the week might be more rocky for the broader market.
Render: Macroeconomic Indicators As Focal Points This Week
Multiple labor indicators will be released this week by the US Bureau of Labor and Statistics with investors optimistic that the United States economy will have a soft landing. The labor market has been scrutinized as it was one of the primary factors the August selloff occurred.
Forecasts for the payroll indicators are surprisingly optimistic. The Nonfarm Payroll forecast is 164k from the previous 112k, indicating that the market sees a future rate cut.
If this week’s macro indicators flash bullish, the market will see renewed strength with capital returning to cryptocurrencies in the long run. Investors are also eyeing the consumer price index (CPI) releases next week which will signal whether the US Federal Reserve will cut or keep the current rates. Market indices are bullish with the S&P 500 and Dow Jones up by a couple of percentage points in the short term.
Featured image from Pexels, chart from TradingView