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Render price dips to $5.31 amid market volatility: A closer look

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The hype around AI technology and GPU-related advancements has propelled the RENDER token price for the better part of this year

A lack of new catalysts and under-performance relative to its competitors could dampen RENDER’s price trajectory in the coming weeks.traded slightly higher on Monday, 8th October, climbing to a 24-hour high of $63,957, according to CoinMarketCap data, before reversing course. The flagship cryptocurrency pulled several altcoins alongside it, including Bittensor and Sui , which had racked up double-digit gains at the time of writing., Kaspa , and Maker stood out among the top losers on the day.

This price floor, which coincides with the 50-day Simple Moving Average on the daily chart, is significant as it formed a notable resistance for bullish speculators in mid-September. On the daily chart, RENDER/USDT was trading below its 20, 50, and 100-day exponential moving averages , signaling bearish sentiment in the short to medium term.

 

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