Render Token potentional recovery?! "RNDRUSD-Long"
This analysis focuses on the daily chart for Render Token (RNDR) highlighting key support and resistance levels.
Key Points:
Support and Resistance Levels:
Support: $6.78 - This level has shown strong buying interest in the past.
Resistance: $8.50 - A crucial level for a potential bullish breakout.
Trendline and Entry Point:
A downward trendline is acting as resistance. Breaking above this trendline and $8.50 could signal a bullish reversal.
Price Targets:
TP1 (First Target): $11.30
TP2 (Second Target): $13.65
RSI (Relative Strength Index):
Currently near 40, indicating the token is approaching oversold territory. Multiple bearish divergences suggest weakening momentum, but a move higher from here could signal a reversal.
MACD (Moving Average Convergence Divergence):
The MACD line is below the signal line, showing a bearish trend. A potential bullish crossover could occur if the price continues to rise.
Scenarios to Watch:
Bullish Scenario:
A breakout above $8.50, with confirming signals from RSI and MACD, could push the price towards $11.30 and possibly $13.65.
Bearish Scenario:
If the price fails to break above $8.50 and the trendline, it may retest the support at $6.78. A drop below this support could lead to further declines.
RNDRUSD RNDRUSD
Key Points:
Support and Resistance Levels:
Support: $6.78 - This level has shown strong buying interest in the past.
Resistance: $8.50 - A crucial level for a potential bullish breakout.
Trendline and Entry Point:
A downward trendline is acting as resistance. Breaking above this trendline and $8.50 could signal a bullish reversal.
Price Targets:
TP1 (First Target): $11.30
TP2 (Second Target): $13.65
RSI (Relative Strength Index):
Currently near 40, indicating the token is approaching oversold territory. Multiple bearish divergences suggest weakening momentum, but a move higher from here could signal a reversal.
MACD (Moving Average Convergence Divergence):
The MACD line is below the signal line, showing a bearish trend. A potential bullish crossover could occur if the price continues to rise.
Scenarios to Watch:
Bullish Scenario:
A breakout above $8.50, with confirming signals from RSI and MACD, could push the price towards $11.30 and possibly $13.65.
Bearish Scenario:
If the price fails to break above $8.50 and the trendline, it may retest the support at $6.78. A drop below this support could lead to further declines.
RNDRUSD RNDRUSD 
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.