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RNDR’s Price Takes A Hit: Analyst Cautions Altcoin Investors

source-logo  coinedition.com 24 September 2023 12:52, UTC

Well-known cryptocurrency analyst and trader, Crypto Tony, shared in an X post today that now might not be the best time to “go heavy” into altcoins, specifically Render (RNDR). According to the analyst, he wants to see a “final flush” on RNDR and altcoins before getting deep into them again.

$RNDR / $USD – Update

I want to see that final flush on #Altcoins before i start getting deep into them again. For now we are hovering in limbo, which for me is not a sign to go heavy into them pic.twitter.com/E8e8seBeNd

— Crypto Tony (@CryptoTony__) September 24, 2023

Crypto Tony’s hesitancy towards RNDR and other altcoins might be valid as RNDR saw its price dip by more than 2% over the past 24 hours of trading. According to CoinMarketCap, the altcoin was worth $1.55 at press time, which was a new 24 hour low price for the token.

RNDR’s price decrease also caused it to weaken against the cryptocurrency king, Bitcoin (BTC) by about 2.31% throughout the past day. Additionally, RNDR’s 24 hour trading volume stood at around $14,944,176, which marked a 0.68% decrease from the previous day.

The altcoin’s weekly performance also suffered a setback due to its recent decline. Over the course of the past seven days, RNDR’s price experienced a decrease of 2.36%.

CoinMarketCap ranked RNDR as the 59th largest cryptocurrency with its market capitalization of $576,803,482. This placed it on the heels of Injective (INJ) with its market cap of $585,003,473. After reaching its peak price of $8.76 in November of 2021, the value of RNDR has dropped by over 82% to trade at its current level.

RNDR / Tether US 1D (Source: TradingView)

From a technical standpoint, RNDR bounced off of the key resistance level at $1.690 over the past week. Following the rejection from this barrier, the altcoin’s price has been in a negative trend. Consequently, RNDR’s price may drop to retest the immediate support level at $0.1390 in the coming few days.

Thereafter, continued sell pressure could pull the cryptocurrency’s price below this significant benchmark to the next key support at $1.240. Adding credence to this bearish thesis is the fact that the MACD line was attempting to cross below the MACD Signal line at press time.

These 2 technical indicators crossing will trigger a noteworthy bearish technical flag. Furthermore, it will also suggest a continuation of the bearish trend evident on RNDR’s daily chart.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.