The price of RNDR might drop to the $1.69 support level

• CryptoBusy predicts a significant drop in Render (RNDR) cryptocurrency price soon.
• RNDR’s value decreased by 0.63% within the last hour.
• RNDR’s 24-hour trading volume fell by over 16%.

The renowned cryptocurrency research platform CryptoBusy forecasted in a recent X (previously known as Twitter) post that the price of Render might experience a significant drop shortly. This prediction was grounded on the observation that a head and shoulders pattern had emerged on the altcoin’s hourly chart.

A head and shoulders formation is generally a graphical representation that signals a shift in price trajectory. To put it simply, for those involved in trading, this formation implies a shift from a rising trend to a possible declining trend for RNDR. It is characterized by a central peak (the head) higher than the two surrounding lower peaks (the shoulders).

The anticipated chart pattern materialized over the last 24 hours, confirming CryptoBusy’s forecast. As per CoinMarketCap data, RNDR experienced a 2.49% drop in its price within the same period. Consequently, the altcoin was transacting at $1.73, following a daily low of $1.71.

Should the downward trend for RNDR persist, the token may decline to its subsequent significant support level, approximately at $1.690. This scenario could materialize shortly, given that RNDR’s value has already decreased by 0.63% within the last hour.

Apart from the recent decline in RNDR’s price, its 24-hour trading volume also fell by over 16%. This resulted in the altcoin’s intraday volume being roughly $32,598,073 at the reporting time. The token’s performance over the week also suffered a 0.82% drop due to its depreciation.

The peak price of RNDR was recorded at $8.76 in November 2021, however, over the past year, the token has only managed to achieve a high of $2.89. Furthermore, the price of RNDR has experienced a decline of over 80%, bringing it to its present value. With a market capitalization of $643,883,269, RNDR is ranked as the 50th largest cryptocurrency based on market cap.