up by a couple of percentage points in the short term.\u00a0<\/span><\/p>\nFeatured image from Pexels, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"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. Related Reading: SUI Crashes 23% As September Unleashes Market Panic\u2014Is A Comeback Possible? 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\u2019s optimism, the upside potential for the crypto remains stunted in the short term if the market continues to fall.\u00a0 $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.\u00a0 The token\u2019s 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\u2019s volatility hinders altcoins from making semi-autonomous movements.\u00a0 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.\u00a0 Render: Macroeconomic Indicators As Focal Points This Week Multiple labor indicators will be released this week by the\u00a0 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.\u00a0 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.\u00a0 Related Reading: NEAR Investors Hope New Projects Will Help Coin Rebound From 21% Loss If this week\u2019s 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.\u00a0 Featured image from Pexels, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":639620,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,6664,3504,11392,87765],"class_list":["post-639617","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-crypto","tag-price","tag-render","tag-rndr"],"acf":[],"yoast_head":"\n
Render (RNDR) Flashes Red With 18% Short-Term Loss - Details<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n