RNDR Price Could Be at Risk of Hitting the $1.69 Support

The well-known cryptocurrency analysis channel, CryptoBusy, predicted in an X (formerly Twitter) post yesterday that Render (RNDR) could see a breakdown in its price very soon. CryptoBusy based their prediction on the fact that a head and shoulders pattern had formed on the altcoin’s hourly chart.

A head and shoulders pattern is typically a chart pattern that indicates a reversal in price direction. In other words, for traders, this pattern suggests a transition from an uptrend to a potential downtrend for RNDR. It consists of a higher peak (head) between two lower peaks (the shoulders).

RNDR / Tether US 1H (Source: TradingView)

Throughout the past day, the chart pattern ended up playing out and CryptoBusy’s prediction became a reality. According to CoinMarketCap, RNDR saw its price decrease by 2.49% in the past 24 hours. This meant that the altcoin was trading hands at $1.73 after it set a daily low price of $1.71.

If the selling pressure for RNDR continues, the token could end up falling to its next major support at around $1.690. This might, in fact, be the case soon as RNDR’s price has slipped by 0.63% in the past hour alone.

In addition to RNDR’s latest price dip, its 24-hour trading volume decreased by more than 16%. This left the altcoin’s intraday volume standing at approximately $32,598,073 at press time. The token’s weekly performance also took a 0.82% knock due to its devaluation.

RNDR’s all-time high price of $8.76 was set in November of 2021, but in the past year, the token has only been able to reach a high of $2.89. Additionally, RNDR’s price has decreased by more than 80% to trade at its current value. Its market cap of $643,883,269 ranks RNDR as the 50th largest cryptocurrency in terms of market capitalization.