Why Are Fetch.ai (FET) and Render (RNDR) AI Cryptos Prices Plunging?

The prices of Fetch.ai (FET) and Render (RNDR) have experienced declines lately, reflecting broader market turbulence.

The prices of Fetch.ai (FET) and Render (RNDR) have seen significant drops in the past 24 hours, reflecting the broader market turbulence.

At press time, Fetch.ai (FET) is priced at $1.31, showing a 9.41% decrease in the same period. Meanwhile, Render (RNDR) is trading at $7.81, indicating a 3.27% loss.

Why Fetch.ai (FET) is Down

Crypto analyst Posty highlighted the confusion surrounding Fetch.ai (FET) after Binance’s recent announcements, impacting its price performance. He noted, “They couldn’t shake people out of $FET, so they labelled it as a delist rather than a rename to $ASI. Binance just helped form a -18% daily candle.”

This sentiment reflects the community's concerns over the handling of the FET token delisting and renaming, which some investors believe is being used to manipulate the markets.

In response to these observations, some investors, like Posty, are considering buying the dip despite the ongoing market uncertainty.

Furthermore, technical insights were provided by Pierre, who observed that FET lost its daily 100 moving average, and its trend flipped to resistance. He outlined the potential scenarios, indicating that holding around $1.15 could lead to a bounce back to $1.5-$1.6. However, losing this support might necessitate finding new levels for potential gap fills.

Moreover, crypto analyst Dona.inj raised concerns about market manipulation, expressing frustration over the recent events. He noted, “Whales couldn’t force investors to sell at the bottom, so they used a delist announcement. FET is not being delisted; it will be replaced with ASI.”

Consequently, he criticized Binance for creating the unnecessary FUD, which resonates with many in the community.

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Read also: Buying Kaspa (KAS) Now Is Like Buying Bitcoin in 2015 Says Crypto YouTuber – Here’s Why

Render (RNDR) Price Analysis and Predictions

As Render (RNDR) also experiences a price decline, traders are sharing their strategies and analyzing its price movements within the context of technical indicators and wave patterns.

King Crypto shared his strategy, explaining his decision to place a spot order for Render at $7.5. He noted the importance of the current MACD line structure and the potential for a secondary dip toward key support at $7.3 before a bullish reversal.

In another analysis, iGREY analyzed RNDR's price movements within the context of Elliott Wave Theory. He described the recent patterns as part of a typical Wave 4 pullback, characterized by choppy movements and investor fatigue.

According to iGREY, the current leg down suggests an ABC correction, with further movements dependent on where the current leg ends.

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