RENDER [RENDER] Price Struggles at Key Support as Memecoins Thrive

Bitcoin [BTC] traded slightly higher on Monday, 8th October, climbing to a 24-hour high of $63,957, according to CoinMarketCap data, before reversing course.

Bitcoin [BTC] price recorded a 24-hour high of $63,957 on Monday, 8th October, before reversing course. The flagship cryptocurrency's movement impacted several altcoins, with Bittensor [TAO] and Sui [SUI] posting double-digit gains at press time.

Memecoins also largely traded in the green on Monday, with a trending, albeit far-fetched, narrative suggesting that the memecoin niche will spearhead the next crypto bull cycle.

On the other hand, Render [RENDER], Kaspa [KAS], and Maker [MKR] were among the top losers on the day. Render's price dropped sharply from $5.66 to a 24-hour low of $5.31 on Monday, highlighting the support level around $5.34.

RENDER price struggles at key support

Having shed roughly 17% of its value in the past seven days, Render's year-to-date gains now stand at 23%. This price action highlights a sustained struggle in the $4.68 to $6.70 range, where the price has been consolidating for two months.

On TradingView's 4-hour chart, RENDER/USDT dipped below $5.30 on 3rd October for the first time since September 21 before recovering above the crucial range ahead of the weekend.

RENDER price retested the $5.40 support again on Monday, but it had reclaimed higher ground at press time. This price floor, which coincides with the 50-day Simple Moving Average (SMA) on the daily chart, served as a notable resistance for bullish speculators in mid-September.

Specifically, Render's price rose to a month high of $6.81 following a successful breakout above the resistance on September 21.

RENDER technical weakness on lower time frame

According to Messari, Render has clocked a trading volume of $2.65 billion in the last 30 days, indicating an 18.43% decrease. This figure is substantially lower than that of other AI-related tokens, such as Bittensor's TAO, which saw a trading volume increase of 170% in the same period.

On the daily chart, RENDER/USDT traded below its 20, 50, and 100-day exponential moving averages (EMAs), suggesting bearish sentiment in the short to medium term.

The daily Relative Strength Index (RSI) reading of 48 on Monday signifies a presence in the neutral range, indicating that buying support is adequately meeting selling pressure.

The combination of mildly negative technical indicators, market positioning, and price decline suggests a moderately bearish outlook for Render in the near term. Given the lack of immediate catalysts, Render's price action is poised to be heavily influenced by broader market sentiment.