Technical Analysis of RENDER/USDT Daily Chart
Key Levels:
1. Support Levels:
$6.582: Strong support, recently tested and held firm.
$4.118: Long-term support, representing the lowest price level on the chart.
2. Resistance Levels:
$9.436: Immediate resistance; price has struggled to break this level.
$11.900: Major resistance, marking the recent high reached in November 2024.
Trend Analysis:
1. Short-Term Trend:
The trend is bullish after a recovery from the $6.582 support.
Price action indicates higher lows and increasing momentum toward $9.436.
2. Long-Term Trend:
The chart shows a well-established uptrend since the $4.118 bottom, with higher highs and higher lows.
The recent pullback appears to be a consolidation phase before further upward movement.
Indicators:
1. Volume:
Strong trading volume of 39.18M USDT indicates significant market activity and interest.
2. Candlestick Patterns:
Recent bullish candlesticks suggest buying momentum.
However, potential selling pressure may arise at the $9.436 resistance.
Forecast:
1. Bullish Scenario:
If the price breaks $9.436, the next targets are:
$10.50 (minor psychological level).
$11.900 (major resistance and previous high).
2. Bearish Scenario:
A rejection at $9.436 could push the price down to:
$8.00 (minor support).
$6.582 (strong support and key level to watch).
Recommendations:
For Buyers:
Enter long positions if price confirms a breakout above $9.436 with high volume.
For Sellers:
Look for short opportunities if price faces rejection at $9.436 or loses support around $8.00.
Follow for more trends, price action and analysis thanks.
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