RNDR’s Price Slump: Analyst Urges Caution for Altcoin Investors

• Crypto Tony suggests waiting for a “final flush” before investing in altcoins.
• RNDR’s value has decreased by over 2% in the last 24 hours.
• RNDR’s price could decline to retest the immediate support level at $0.1390.

Prominent crypto analyst and trader Crypto Tony revealed in a recent X post that there may be better times to invest heavily in altcoins, particularly Render . The analyst expressed his desire to witness a “final flush” in RNDR and other altcoins before considering substantial investments again.

Crypto Tony’s reservations about RNDR and other alternative cryptocurrencies could be justified, given that RNDR’s value has decreased by over 2% in the last 24 hours of trading. As per CoinMarketCap data, the altcoin was valued at $1.55 at the time of reporting, marking a new 24-hour low for the token.

The value of RNDR experienced a decline, which also resulted in a 2.31% depreciation against the leading cryptocurrency, Bitcoin , over the last 24 hours. Furthermore, the trading volume of RNDR in the past day was approximately $14,944,176, indicating a 0.68% drop compared to the preceding day.

The weekly performance of the altcoin was negatively impacted by its recent downturn. In the previous seven days, the price of RNDR saw a reduction of 2.36%.

RNDR is currently ranked as the 59th largest cryptocurrency by CoinMarketCap, boasting a market capitalization of $576,803,482. It closely trails Injective , which has a market cap of $585,003,473. RNDR reached its highest value of $8.76 in November 2021 but has since experienced a significant decrease of over 82% in its trading value.

In technical analysis, RNDR has recently rebounded from a crucial resistance point at $1.690 within the last week. After being repelled from this threshold, the altcoin’s value has decreased. As a result, RNDR’s price could decline to retest the immediate support level at $0.1390 in the upcoming days.

Subsequently, persistent selling pressure might drag the cryptocurrency’s value beneath this crucial threshold to the following major support level at $1.240. Lending weight to this pessimistic outlook is the observation that the MACD line was on the verge of falling below the MACD Signal line at the time of writing.

These two technical indicators will signal a significant bearish technical pattern when intersecting. Moreover, it will imply a persistence of the bearish trend visible on RNDR’s daily chart.