RNDR’s Worth Takes A Hit: Analyst Cautions Altcoin Traders

• Crypto Tony shared in an X put up that he might 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 day by day chart urged that the altcoin’s worth might proceed to drop within the subsequent 24-48 hours.

Effectively-known cryptocurrency analyst and dealer, Crypto Tony, shared in an X put up right this moment that now won’t be one of the best time to “go heavy” into altcoins, particularly Render (RNDR). In keeping with the analyst, he desires to see a “remaining flush” on RNDR and altcoins earlier than getting deep into them once more.

Crypto Tony’s hesitancy in direction of RNDR and different altcoins may be legitimate as RNDR noticed its worth dip by greater than 2% over the previous 24 hours of buying and selling. In keeping with CoinMarketCap, the altcoin was value $1.55 at press time, which was a brand new 24 hour low worth for the token.

RNDR’s worth lower additionally induced it to weaken towards 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 gone by.

The altcoin’s weekly efficiency additionally suffered a setback on account of its current 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 stage.

From a technical standpoint, RNDR bounced off of the important thing resistance stage at $1.690 over the previous week. Following the rejection from this barrier, the altcoin’s worth has been in a destructive development. Consequently, RNDR’s worth might drop to retest the fast help stage 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 trying 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 recommend a continuation of the bearish development evident on RNDR’s day by day chart.

Disclaimer: The views and opinions, in addition to all the knowledge shared on this worth evaluation, are revealed 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 is not going to be held answerable for any direct or oblique harm or loss.