Trader issues warning on altcoin up over 360% year-to-date and updates outlook for Bitcoin and Pepe
A widely-regarded crypto analyst is warning of an altcoin project that has more than quadrupled in value this year.
Pseudonymous altcoin trader Sherpa tells its 196,100 Twitter followers that the image-synthesizing ecosystem Render (RNDR) could collapse if Bitcoin (BTC) goes down.
Altcoin Sherpa also says that if Bitcoin holds $30,000 as support, RNDR is likely to trade sideways for a while.
“RNDR: I think this is a good coin, but I think that we will mostly see fluctuations and that in the next moment it will underperform BTC and ETH. I think that if BTC goes down (same for all other alt prices) we will see a strong downside move.”
Source: Altcoin Sherpa/Twitter
Looking at its chart, altcoin Sherpa appears to be predicting that Render will drop to near $1 if Bitcoin goes down. Otherwise, he says Render is likely to trade in a range with a top of $2.50 and a bottom of $1.90 through October at least.
Render is trading for $1.96 as of this writing, up 367% from its close of $0.418 in 2022.
Looking ahead to the crypto king, altcoin Sherpa predicts Bitcoin will soon surpass $32,000.
However, the analyst emphasizes that Bitcoin is trading in the equilibrium (EQ) of the trading range between $29,585 and $31,298 and there is currently little sign of a breakout in either direction.
“BTC trading is right on the EQ of this range. Personally, I still don’t really see a big direction. I’m still assuming $32,000 in the medium term.”
Source: Altcoin Sherpa/Twitter
At the time of writing, Bitcoin is worth $30,283, up 0.8% over the past 24 hours.
Also on the trader’s radar is the memecoin Pepe (PEPE), and he says the token is likely to trend up based on indicators like the High Volume Node (HVN) and the Exponential Moving Averages (EMA).
“PEPE: I’m not sure about that in the near term, but in the medium term I still think the .50 Fib level will be kept to a minimum. The EMAs on the lower timeframes are still bullish and we are near a HVN area on the volume profile. Still bullish and I still have PEPE.”
Source: Altcoin Sherpa/Twitter
The trader forecasts that Pepe will eventually reach the 0.50 Fibonacci level at $0.00000235.
At the time of writing, Pepe is trading at $0.00000158, up 1.9% over the past 24 hours.
The trader also updates his outlook on bitcoin hard fork Bitcoin Cash (BCH), saying he still expects the token to dip below $250.
“BCH: was never filled; I’ve been watching the 250 level but thought I could get a better entry. It’s ok, I’ll be patient overall and just wait and see. The orders are still pending.”
Source: Altcoin Sherpa/Twitter
Bitcoin Cash is trading at $282 at the time of writing, up 0.5% over the past 24 hours.
Finally, altcoin Sherpa warns that privacy-focused altcoin Zcash (ZEC) has yet to bottom with a pattern of lower highs and lower lows since last November.
Source: Altcoin Sherpa/Twitter
Zcash is worth $29.74 at the time of writing, down 2.9% over the past 24 hours.
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