- La Cabra believes the recent RNDR price drop plunged the digital token into a good buy area.
- Buying RNDR tokens under the current market conditions is a risk that is paying off.
- The Binance-generated FUD has contributed to the recent market dump.
The crypto market analyst with Twitter identity La Cabra (@blockchain_goat) believes the recent RNDR price drop plunged the digital token into a good buy area. In a tweet, the analyst described the current price zone as an area with prospects of recovery and consolidation.
On Monday, June 5, 2023, RNDR’s price fell from $2.71 to $2.21. The drop plunged RNDR into a region of multiple support, as indicated by La Cabra. According to him, investing in RNDR tokens under the current market conditions is a risk that is paying off. The analyst suspects the projected RNDR rally may take some time before fulfilling. However, considering the bear market, he thinks there is enough time to wait.
The crypto market experienced a dump over the past few days after reports emerged about the Security and Exchange Commission (SEC) filing a suit against Binance Exchange. The analyst observed that the FUD (fear, uncertainty, and doubt) created by the development contributed to the market dump.
La Cabra acknowledged that the dump is one reason for RNDR’s recent price slump. According to him, the impact of the FUD is not over yet. Therefore, he will take a calculated risk and add more RNDR tokens to his portfolio around the $2.25 price region.
Respondents to La Cabra’s post support the bullish sentiment he upholds. One of them believes RNDR has earned a reputable status that should not allow any significant price dip. The respondent noted that the demand for the digital token is simply too high.
RNDR marked a local low at $2.17 during the recent drop. However, the attempted recovery is yet to gather significant momentum. The digital token traded at $2.32 at the time of writing, leaving room for a more substantial rally.
La Cabra projects that RNDR will bounce from this region and rally toward the $2.9 price.