RNDR Under Pressure from a Crucial Support Level After 24 Hours of Losses
- The global crypto market cap has decreased by almost 2% in the last 24 hours.
- RNDR was one of the altcoins affected by the selloff yesterday.
- At the moment, RNDR’s price could fall to $1.252 in the coming week.
The total crypto market cap has decreased by 1.95% in the last 24 hours, according to the crypto market tracking website CoinMarketCap. As a result, the global crypto market cap is estimated to be around $1.16 trillion at press time. This follows the majority of cryptos showing losses over the last 24 hours. One of the cryptos affected is Render Token (RNDR).
Right now, the price of RNDR is at $1.67 after it decreased by around 11% in the last day. The altcoin’s price was able to reach a daily high of approximately $1.90 in the 24 hours prior, but has since dropped back to its current level. In addition to this, RNDR also weakened against (BTC) and (ETH) by 8.83% and 8.12% respectively.
Daily chart for RNDR/USDT (Source: TradingView)
RNDR’s price lost the support of the 9-day EMA line over the last 24 hours and nearly lost the support of the longer 20-day EMA line during this time. At the moment, RNDR’s price is resting on the 20-day EMA line and the possibility of the altcoin’s price going below this line still remains.
Even though the daily RSI suggests that RNDR’s price drop could be over, there is huge sell pressure present on RNDR’s daily chart. This is indicated by the wick present above today’s daily candle.
Should this selling pressure be too much for the 20-day EMA support, as well as the $1.588 support, then the crypto’s price could fall to $1.252 in the upcoming week. Conversely, a close today above $1.588 will invalidate this bearish prediction and will result in RNDR’s price consolidating between $1.588 and $1.790 in the next 24-48 hours.
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