A widely followed crypto analyst is issuing a warning about one altcoin project that more than quadrupled its value this year.
Pseudonymous trader Altcoin Sherpa tells his 196,100 Twitter followers that the image-synthesizing ecosystem Render (RNDR) may collapse if Bitcoin (BTC) dips.
Altcoin Sherpa also says that if Bitcoin holds the $30,000 level as support, RNDR will likely just trade sideways for a while.
“RNDR: I think this is a good coin, but I think that we see mostly chop and that it underperforms BTC and ETH for the next bit. I think that we see a strong move down if BTC legs down (same with every other alt).”
Source: Altcoin Sherpa/Twitter
Looking at his chart, Altcoin Sherpa appears to predict that Render will drop down to near $1 if Bitcoin declines. Otherwise, he says Render will likely trade in a range with an upper bound of $2.50 and a lower bound of $1.90 at least through October.
Render is trading for $1.96 at time of writing, up 367% since it closed 2022 at $0.418
We współpracy z: https://dailyhodl.com/2023/07/08/trader-issues-warning-on-altcoin-thats-up-over-360-year-to-date-updates-outlook-on-bitcoin-and-pepe/
