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 are 196,100 Twitter followers that the Image Synthesizing Ecosystem Render (RNDR) could collapse if Bitcoin (BTC) falls.
Altcoin Sherpa also says that if Bitcoin holds the USD 30,000 level as support, RNDR is likely to trade sideways for a while.
“RNDR: I think this is a good coin, but I think we see mostly chop and it underperforms BTC and ETH for the next bit. I think we see a strong move down as BTC goes down (same with every other alt).
Looking at its chart, Altcoin Sherpa appears to be predicting that Render will drop to near $1 if Bitcoin falls. Otherwise, he says Render will likely trade in October in a range with an upper limit of $2.50 and a lower limit of $1.90.
Render is trading at $1.96 at the time of writing, up 367% since closing at $0.418 in 2022.
Looking at the crypto king, Altcoin Sherpa is to predict that Bitcoin will soon surpass the USD 32,000 level.
However, the analyst highlights how Bitcoin trades in the equilibrium (EQ) of the trading range between $29,585 and $31,298 with little indication at the time of a breakout in either direction.
“BTC trades right on the EQ of this range. Personally, still don’t really see that there’s much direction. I still think $32,000 medium term.
Bitcoin is worth $30,283 at the time of writing, up 0.8% in the past 24 hours.
Also on the trader’s radar is the memecoin Pepe (PEPE), and him say the token is likely to make moves to the upside based on indicators such as the high volume node (HVN) and the exponential moving averages (EMA).
“PEPE: Still not sure in the short term, but in the medium term I still believe the .50 Fib level will be tagged at a minimum. EMAs on the lower timeframes are still bullish and we are close to an HVN area on volume profile. Still bullish and I still have PEPE.
The trader predicts that Pepe will eventually reach the .50 Fibonacci level at $0.00000235.
At the time of writing, Pepe is trading at $0.00000158, up 1.9% over the last 24 hours.
The trader also updates his take on the Bitcoin hard fork Bitcoin Cash (BCH) and say he still believes the token will drop below $250.
“BCH: never filled; I observed that 250 level but thought I could get a better entry. It’s okay, I generally remain patient and just wait. Orders are still being placed.
Bitcoin Cash is trading at $282 at the time of writing, up 0.5% over the past 24 hours.
Finally, Altcoin Sherpa warns that the privacy-focused altcoin Zcash (ZEC) has yet to bottom out with a pattern of lower highs and lower lows since last November.
Zcash is worth $29.74 at the time of writing, down 2.9% in the past 24 hours.
Don’t Miss Out – Subscribe to receive email alerts delivered straight to your inbox
Check price action
follow us on Twitter, Facebook And Telegram
Surf the Daily Hodl mix
Image generated: Midway through the journey