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.
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