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In this analysis, I want to review the RENDER coin for you. This project is one of the crypto AI projects that gained a lot of hype after AI projects started trending.
🔍 The coin of this project currently has a market cap of $2.36 billion and ranks 45th on CoinMarketCap. Let’s move on to the analysis to see the technical condition of this coin.
📅 Daily Timeframe
As you can see in the daily timeframe, after the drop shown in the chart, with the price falling to the 2.774 area, a ranging structure has formed, and the top of this box is at the 4.52 level.
⭐ Currently, the price has reached the top of the box and is interacting with this level. If the box top is broken, the main bullish trend can begin, and the price may move toward the 6.682 area.
🎲 If this happens, pay attention to the volume, because the volume should increase alongside the price movement and be in convergence. If a large buying volume enters the market, the probability of this scenario increases.
📈 So for spot buying or opening a long position, you can enter on the breakout of 4.520.
🔽 To confirm the market turning bearish, we need to confirm the end of the current bullish leg. If the price gets rejected from the box top or if a fake breakout happens, a break of 4.119 confirms the rejection, and in that case, the price can move back down to the box bottom.
💥 The support levels ahead for the price are 3.513 and 2.774, which can be used as targets for short positions.
📊 The main trigger for the beginning of the next bearish leg is the 2.774 area. If this level is broken, the price will likely make a sharp downward move.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️
In this analysis, I want to review the RENDER coin for you. This project is one of the crypto AI projects that gained a lot of hype after AI projects started trending.
🔍 The coin of this project currently has a market cap of $2.36 billion and ranks 45th on CoinMarketCap. Let’s move on to the analysis to see the technical condition of this coin.
📅 Daily Timeframe
As you can see in the daily timeframe, after the drop shown in the chart, with the price falling to the 2.774 area, a ranging structure has formed, and the top of this box is at the 4.52 level.
⭐ Currently, the price has reached the top of the box and is interacting with this level. If the box top is broken, the main bullish trend can begin, and the price may move toward the 6.682 area.
🎲 If this happens, pay attention to the volume, because the volume should increase alongside the price movement and be in convergence. If a large buying volume enters the market, the probability of this scenario increases.
📈 So for spot buying or opening a long position, you can enter on the breakout of 4.520.
🔽 To confirm the market turning bearish, we need to confirm the end of the current bullish leg. If the price gets rejected from the box top or if a fake breakout happens, a break of 4.119 confirms the rejection, and in that case, the price can move back down to the box bottom.
💥 The support levels ahead for the price are 3.513 and 2.774, which can be used as targets for short positions.
📊 The main trigger for the beginning of the next bearish leg is the 2.774 area. If this level is broken, the price will likely make a sharp downward move.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️
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🏆 Best Crypto Exchange: bitunix.com/register?vipCode=TCPINT
💰 Join the Telegram Channel Now: t.me/Tradecityproint
🤵 Business Contact: Tradecityproteam@gmail.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
💥 Don’t Miss Out!
🏆 Best Crypto Exchange: bitunix.com/register?vipCode=TCPINT
💰 Join the Telegram Channel Now: t.me/Tradecityproint
🤵 Business Contact: Tradecityproteam@gmail.com
🏆 Best Crypto Exchange: bitunix.com/register?vipCode=TCPINT
💰 Join the Telegram Channel Now: t.me/Tradecityproint
🤵 Business Contact: Tradecityproteam@gmail.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.