Render (RNDR), an AI-themed cryptocurrency token, has experienced a significant 13% price increase in the last 24 hours. However, the future direction of the token remains uncertain, as it is currently trading at $7.80 after reaching a high of $8.33 last week.

According to CoinMarketCap data, RNDR has seen a remarkable 142% surge in trading volume over the past 24 hours, rising from $78.17 million on June 23 to $259.91 million. This heightened market activity suggests increased investor interest, but it also indicates potential selling pressure.

The In/Out of Money Around Price (IOMAP) indicator reveals potential resistance at $7.19, where 2,760 addresses hold 11.35 million RNDR tokens. Conversely, 1,040 addresses with 6.84 million tokens at $6.97-$7.18 offer support around $6.86.

Technical analysis of the daily RNDR chart suggests bearish signals, with the Chaikin Money Flow (CMF) indicating distribution and the Parabolic SAR pointing towards a possible price decline. The Fibonacci Retracement tool also identifies support at $6.47 if the selling pressure continues. However, defending the $6.86 price level could lead to a bounce-back to $7.71.

It is important to note that the price movement of Render is closely correlated with that of Ethereum (ETH). Therefore, a bullish trend in ETH could have a positive impact on the RNDR token.

In conclusion, the selling pressure on Render (RNDR) is evident, and the technical indicators suggest the price may continue to fall. However, the token's strong connection with Ethereum means that a positive shift in ETH's price could potentially lead to a rebound in RNDR's value.