Cryptocurrency Render Down More Than 9% Within 24 hours
Portfolio Pulse from Benzinga Insights
Cryptocurrency Render (RNDR) experienced a significant drop of 9.93% in the last 24 hours, bringing its price to $10.12. This decline is part of a broader downward trend over the past week, with a total decrease of 5.0% from $10.7. Despite a decrease in trading volume by 4.0%, the circulating supply of RNDR has increased by 0.56%, now totaling 388.64 million coins. This represents approximately 73.04% of its maximum supply. Currently, Render's market cap ranks it 28th at $3.94 billion.
May 14, 2024 | 3:02 pm
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NEGATIVE IMPACT
Render's price has fallen by 9.93% in the last 24 hours, marking a significant short-term decline. The decrease in trading volume coupled with an increase in circulating supply suggests a potential oversupply issue, which could further pressure the price in the short term.
The significant price drop of RNDR in the short term is directly tied to its decreased trading volume and increased circulating supply, indicating a potential oversupply. This could lead to further downward pressure on the price, especially if the trend continues.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100