Critical Support Levels in Focus for #RENDERUSDT
The analysis of the RENDER/USDT charts indicates a persistent downtrend, with the price struggling to surpass key resistance levels. On the 1-hour chart, a descending trendline marks strong resistance around $5. Support levels at $3.529 and $3.262 have held firm recently, acting as potential price floors.
On the 4-hour chart, the RSI at 47.14 shows neutral momentum. The MACD suggests a potential bullish crossover with the MACD line at 0.070, the signal line at -0.262, and the histogram at -0.332. The 200-period SMA is at $4.599, serving as a crucial resistance.
The daily chart maintains a bearish outlook with significant resistance at $6.759. The daily RSI is also 47.14, showing neutrality. The MACD indicates bearish momentum with the MACD line at -0.0286545, the signal line at -0.0896069, and the histogram at -0.0609524. The 200-period SMA at $4.599 further solidifies resistance.
Bullish Scenario:
If RENDER/USDT breaks above the $5 resistance and the 200-period SMA at $4.599 on the 4-hour chart, it could trigger a rally towards $6.759 and potentially higher, driven by positive market sentiment.
Bearish Scenario:
If RENDER/USDT fails to break $5 and falls below $3.529 and $3.262, it could indicate further bearish momentum, possibly leading to declines towards $3.0 and $2.5, extending the downtrend.
Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Trading cryptocurrencies carries a high level of risk and may not be suitable for all investors. Always perform your own research before making any trading decisions.