Trader Issues Warning on Altcoin That’s Up Over 360% Year-to-Date, Updates Outlook on Bitcoin and Pepe
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).”
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.
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.”
Bitcoin is worth $30,283 at time of writing, up 0.8% during the last 24 hours.
Also on the trader’s radar is the memecoin Pepe (PEPE), and he says the token is likely to make moves to the upside based on indicators like the high volume node (HVN) and the exponential moving averages (EMA).
“PEPE: Still not certain on this in the short term but mid-term, I still am of the opinion the .50 Fib level is going to get tagged at a minimum. EMAs on the lower time frames still bullish and we are near a HVN area on volume profile. Still bullish and I still have PEPE.”
The trader predicts Pepe will ultimately hit the .50 Fibonacci level at $0.00000235.
At time of writing, Pepe is trading for $0.00000158, up 1.9% during the last 24 hours.
The trader also updates his outlook on the Bitcoin hard fork Bitcoin Cash (BCH) and says he still believes the token will dip below $250.
“BCH: never got filled; I observed that 250 level but thought I could get a better entry. It’s ok, I’m going to remain patient overall and just wait. Orders still set.”
Bitcoin Cash is trading for $282 at time of writing, up 0.5% in the last 24 hours.
Lastly, Altcoin Sherpa warns that the privacy-focused altcoin Zcash (ZEC) has yet to find the bottom with a pattern of lower highs and lower lows since last November.
Zcash is worth $29.74 at time of writing, down 2.9% during the last 24 hours.
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