RNDR/USD rally breaks resistance, targeting $9.02 and $12, fueled by bullish momentum and Fibonacci retracement support.
Strong buying interest drives RNDR's 43% rebound, with EMAs flipping to support and volume confirming robust market participation.
Symmetrical patterns and higher highs signal continued growth; traders should watch $7.68 and $4.06 support for potential reversals.
The RNDR/USDT trading pair has surged, confirming bullish momentum across major exchanges. Following a sharp rally, the price broke key resistance zones and exhibited strong recovery signals. Currently trading at $8.689 on Bybit and $8.613 on Coinbase, RNDR appears primed to target double-digit price levels.
Fibonacci Retracement Levels Support RNDR's Rally
The Bybit chart highlights the importance of the 0.75 Fibonacci retracement level as a crucial support zone. This level coincided with historical consolidation, ensuring price stability during the correction. After retracing, RNDR rebounded sharply by 43.04%, demonstrating robust buying interest. Additionally, higher lows and higher highs reinforce bullish sentiment.
Source: EliZ
Trendlines drawn across the retracement and recovery phases reveal symmetrical patterns. These patterns suggest continued upward momentum. Moreover, the breakout above the previous resistance further validates this trend. Besides, long candlestick wicks indicate heightened market activity, showcasing periods of buying and selling pressure.
Dynamic Support from EMAs and Volume Profile
The Coinbase chart confirms the breakout, emphasizing the role of the 50-day EMA. Initially acting as dynamic resistance, this indicator now supports the ongoing recovery at $7.257. Moreover, the flipped support zone at $7.686 ensures stability as the price aims to conquer critical resistance at $9.020.
Volume analysis further supports this bullish move. The Volume Profile Point of Control (VP-POC) at $5.874 highlights intense trading activity, underscoring this zone's importance. Besides, the stochastic RSI, though in overbought territory, points to strong upward momentum. However, potential consolidation or a slight pullback could occur before the next surge.
Source: Dark Horseman
RNDR's upward trajectory signals strong market participation, with targets set at $9.020 and $12. Breaking these levels could pave the way for further gains. However, traders must monitor critical support zones, including $7.686 and $4.060, to assess potential reversals.
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