- Crypto Tony shared in an X submit that he will probably be ready a bit longer earlier than investing in altcoins like RNDR once more.
- Over the previous 24 hours, RNDR’s worth slipped by greater than 2%, which left it buying and selling at $1.55.
- Technical indicators on RNDR’s every day chart prompt that the altcoin’s worth could proceed to drop within the subsequent 24-48 hours.
Nicely-known cryptocurrency analyst and dealer, Crypto Tony, shared in an X submit at present that now may not be the very best time to “go heavy” into altcoins, particularly Render (RNDR). In response to the analyst, he needs to see a “closing flush” on RNDR and altcoins earlier than getting deep into them once more.
Crypto Tony’s hesitancy in direction of RNDR and different altcoins is likely to be legitimate as RNDR noticed its worth dip by greater than 2% over the previous 24 hours of buying and selling. In response to CoinMarketCap, the altcoin was price $1.55 at press time, which was a brand new 24 hour low worth for the token.
RNDR’s worth lower additionally brought about it to weaken in opposition to the cryptocurrency king, Bitcoin (BTC) by about 2.31% all through the previous day. Moreover, RNDR’s 24 hour buying and selling quantity stood at round $14,944,176, which marked a 0.68% lower from the day past.
The altcoin’s weekly efficiency additionally suffered a setback resulting from its latest decline. Over the course of the previous seven days, RNDR’s worth skilled a lower of two.36%.
CoinMarketCap ranked RNDR because the 59th largest cryptocurrency with its market capitalization of $576,803,482. This positioned it on the heels of Injective (INJ) with its market cap of $585,003,473. After reaching its peak worth of $8.76 in November of 2021, the worth of RNDR has dropped by over 82% to commerce at its present degree.
From a technical standpoint, RNDR bounced off of the important thing resistance degree at $1.690 over the previous week. Following the rejection from this barrier, the altcoin’s worth has been in a damaging development. Consequently, RNDR’s worth could drop to retest the quick help degree at $0.1390 within the coming few days.
Thereafter, continued promote stress may pull the cryptocurrency’s worth under this vital benchmark to the following key help at $1.240. Including credence to this bearish thesis is the truth that the MACD line was making an attempt to cross under the MACD Sign line at press time.
These 2 technical indicators crossing will set off a noteworthy bearish technical flag. Moreover, it’s going to additionally counsel a continuation of the bearish development evident on RNDR’s every day chart.
Disclaimer: The views and opinions, in addition to all the data shared on this worth evaluation, are printed in good religion. Readers should do their very own analysis and due diligence. Any motion taken by the reader is strictly at their very own threat. Coin Version and its associates won’t be held chargeable for any direct or oblique injury or loss.
