RNDR Is Resting on a Crucial Support Level After Its 24H Loss
- The global crypto market cap has fallen nearly 2% over the last 24 hours.
- RNDR was one of the altcoins affected by the market-wide selloff yesterday.
- At press time, RNDR’s price is at risk of dropping to $1.252 in the coming week.
Over the last 24 hours, the total crypto market cap has dropped 1.95% 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 comes after the majority of cryptos printed losses over the last 24 hours. One such crypto is Render Token (RNDR).
Currently, the price of RNDR stands at $1.67 after it dropped approximately 11% over the past day. The altcoin’s price was, however, able to reach a daily high of around $1.90 in the last 24 hours, but has since retraced to its current level. In addition to this, RNDR also weakened against Bitcoin (BTC) and Ethereum (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 almost lost the support of the longer 20-day EMA line as well during this time. At press time, RNDR’s price is resting on the 20-day EMA line and the possibility of the altcoin’s price dropping below this line cannot be ruled out just yet.
Although the daily RSI suggests that RNDR’s price drop has come to an end, there is overwhelming sell pressure present on RNDR’s daily chart. This is evident by the wick present above today’s daily candle.
Should this sell pressure prove to be too much for the 20-day EMA support, as well as the $1.588 support, then the crypto’s price could drop all the way down to $1.252 in the next week. On the other hand, a close today above $1.588 will invalidate this bearish thesis and will result in RNDR’s price consolidating between $1.588 and $1.790 in the next 24-48 hours.
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