The price of Render (RNDR) could be in for another over 40% fall as crypto analyst Jonnieking posted a bearish outlook on TradingView. Based on his analysis, the price of Render has broken below a second trendline, which has acted as support for the price.
With a retest of the broken trend line (now as a resistance), the price seems ready to fall to around $3.5 based on the analyst’s analysis.
He called the setup a “perfect entry to SHORT” following the rejection of the lower trendline resistance. Based on the price action, the analyst sees the price dipping to the next support, which is also at the .236 Fibonacci level. That price level is where he intends to enter a new buy trade.
The relative strength index of Render is around 39, as it started to recover from 36 two days ago. However, it is still below the RSI-based moving average, which could potentially serve as resistance for the price.
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The price is also still far below the 50-day simple moving average, which could also serve as resistance.
Although Render’s price action looks bearish, the more general market is recovering, and traders may need to be open-minded about the next direction. They need to monitor the two broken trendlines, as a break above them again (turning them to support) could be a buy signal.
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The post Price Action Suggests Another 40% Price Dip for Render (RNDR): Here’s the Outlook and Next Price Target appeared first on CaptainAltcoin.