It has been just revealed that a trader issued a warning on an altcoin that is up by more than 360%. Check out the latest reports below.
Trader issues warning on important altcoin
A popular cryptocurrency analyst has raised concerns about a particular altcoin project that has seen its value increase more than fourfold this year.
Altcoin Sherpa, who has a following of 196,100 on Twitter, warns that Render (RNDR), an image-synthesizing ecosystem, could potentially collapse in the event of a Bitcoin (BTC) dip.
However, if Bitcoin manages to maintain its support level at $30,000, RNDR is likely to trade sideways for some time.
“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).”
After analyzing the chart, Altcoin Sherpa forecasts that Render’s value may fall close to $1 in the event of a decline in Bitcoin. However, if Bitcoin remains stable, Render is expected to trade within a range of $1.90 to $2.50 until October, according to Altcoin Sherpa.
Render is trading for $1.96 at time of writing, up 367% since it closed 2022 at $0.418.
Looking at the crypto king, Altcoin Sherpa is predicting that Bitcoin will soon cross the $32,000 level.
However, the analyst highlights how Bitcoin is trading in the equilibrium (EQ) of the trading range between $29,585 and $31,298, with little indication at the moment of a breakout in either direction.
“BTC trading right at the EQ of this range. Still don’t really see there being much direction personally. I still think $32,000 in the midterm.”
In other recent news, the world’s largest crypto exchange by volume, Binance, is showing support for a promising altcoin project developed on Ethereum (ETH). Check out our previous article in order to learn more details.
