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RNDR Price Could Be at Risk of Hitting the $1.69 Support 2m ago by

Yesterday, CryptoBusy predicted that RNDR could very soon face a decrease in its price.

This prediction came true as RNDR’s price fell by over 2% in the past 24 hours of trading.

RNDR is now at risk of dropping toward its next support level at around $1.690.

The well-known cryptocurrency analysis channel, CryptoBusy, predicted in an X (formerly Twitter) post yesterday that Render (RNDR) could see a breakdown in its price very soon. CryptoBusy based their prediction on the fact that a head and shoulders pattern had formed on the altcoin’s hourly chart.

$RNDR – head and shoulders pattern

I’m waiting for a potential bounce or another breakdown.

— CryptoBusy (@CryptoBusy) October 12, 2023

A head and shoulders pattern is typically a chart pattern that indicates a reversal in price direction. In other words, for traders, this pattern suggests a transition from an uptrend to a potential downtrend for RNDR. It consists of a higher peak (head) between two lower peaks (the shoulders).

RNDR / Tether US 1H (Source: TradingView)

Throughout the past day, the chart pattern ended up playing out and CryptoBusy’s…

The post RNDR Price Could Be at Risk of Hitting the $1.69 Support appeared first on Coin Edition.