RNDR Hangs on Precarious Support Level: Will it Bounce Back from 24H Loss?

"Crypto Market Takes a Dip as Total Market Cap Drops by 1.95% in 24 Hours"

In the last 24 hours, the global crypto market cap has witnessed a decline of 1.95%, as per CoinMarketCap, the leading crypto market tracking website. At present, the estimated global crypto market cap stands at around $1.16 trillion. Most cryptocurrencies have suffered losses in the past 24 hours, including Render Token (RNDR).

RNDR’s current price is $1.67, which marks an 11% drop in the last 24 hours. However, the altcoin managed to reach a daily high of approximately $1.90 in the last 24 hours before retracing to its current level. RNDR also weakened against Bitcoin (BTC) and Ethereum (ETH) by 8.83% and 8.12%, respectively.

The daily chart for RNDR/USDT (Source: TradingView) indicates that RNDR’s price has lost the support of the 9-day EMA line in the past 24 hours. Furthermore, the altcoin’s price came close to losing the support of the longer 20-day EMA line during this period. RNDR’s price is currently resting on the 20-day EMA line, and it is uncertain whether the altcoin’s price will drop below this line.

Although the daily RSI suggests that RNDR’s price drop has come to an end, there is still significant sell pressure present on RNDR’s daily chart. This is evident by the wick present above today’s daily candle.

If the sell pressure proves to be too much for the 20-day EMA support and the $1.588 support, RNDR’s price could drop all the way down to $1.252 in the next week. However, if RNDR’s price closes above $1.588 today, it will invalidate this bearish thesis and result in the altcoin’s price consolidating between $1.588 and $1.790 in the next 24-48 hours.

It is important to note that the views, opinions, and information shared in this price analysis are published in good faith. Readers are advised to conduct their own research and due diligence before taking any action. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss resulting from the reader’s actions.

In summary, RNDR has experienced a significant drop in price in the last 24 hours and is currently resting on a crucial support level. The altcoin’s future price movement will depend on whether it can maintain this support level or not.

Martin Reid

Martin Reid

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