TRADE $RDNT
#RDNT/USDT 4-Hour Timeframe Analysis By CryptoPM Team:
1. Current Price Action: The RDNT/USDT pair is currently trading at approximately $0.0936. The chart shows a recent bullish move, with the price breaking above previous resistance levels around $0.08.
2. Trend Analysis: The trend appears to be shifting from a downtrend to an uptrend. Higher highs (HH) and higher lows (HL) are forming, indicating a potential trend reversal.
3. Key Support and Resistance Levels:
- Support Levels:
- $0.0718: This level acted as a strong support during the recent price consolidation phase.
- $0.0601 - $0.0621 zone: Another crucial support area, marked by previous lows.
- Resistance Levels:
- $0.1000: A psychological round number and potential resistance area.
- $0.1195: A more extended resistance level, previously acting as a significant support-turned-resistance.
4. RSI Analysis: The RSI indicator shows a bearish divergence, with the price making higher highs while the RSI makes lower highs. This divergence suggests potential weakening momentum in the uptrend, indicating caution for new long positions.
5. Trading Strategy:
- Buy Setup:
A potential buying opportunity could be considered if the price retraces to the $0.0800-$0.0850 support zone, with a stop loss below $0.0718. This setup could target a move towards $0.1000 and possibly $0.1195.
- Sell Setup:
If the price fails to hold above $0.0800 and falls below $0.0718, it could signal a bearish reversal, targeting the $0.0601 - $0.0621 support area.
6. Risk Management:
Given the potential bearish divergence on the RSI, it's essential to use tight stop losses to protect against sudden reversals. A stop loss below $0.0718 for long positions is advisable to minimize risk.
In summary, RDNT/USDT is showing signs of bullish momentum, but caution is warranted due to the bearish RSI divergence. Monitoring key support and resistance levels will be crucial for planning effective trades.
