🔴 $RNDR
📉 As seen on the chart, RNDR has experienced a sharp decline and is approaching the support level at $7.636. This support is crucial as it is marked by a primary support line, which holds significant importance for the price action.
⚠️ The RSI is currently at 46.40, which is approaching oversold territory. This suggests potential for a short-term bounce, but the overall bearish trend remains strong. The sell volume has been increasing, indicating that the bearish momentum is still intact.
🔻 For a short position, consider entering if the price breaks below the key support level at $7.636. This would confirm the continuation of the bearish trend. The increasing sell volume supports the potential for further declines. It's recommended to set a stop-loss order above the recent high around $8.158 to manage risk.
📉 The target for the short position would be the next support level at $6.237. Monitoring the volume is crucial; if sell volume continues to rise, it strengthens the bearish outlook.
📈 A long position might be considered if the price shows signs of a reversal from the oversold RSI condition. If RNDR bounces off the support at $7.636 and breaks above the descending trendline, confirmed by a break above the trigger level at around $8.620, it could indicate the start of a bullish reversal.
🛠️ Wait for the price to break above $8.620 with increased buy volume before entering a long position. The next target for a long position would be the resistance level at $8.397. It's important to set a stop-loss order below the recent low around $7.141 to manage risk.
📝 In conclusion, RNDR is exhibiting strong bearish signals. For short positions, wait for a break below $7.636 with high sell volume. For long positions, look for a bounce off this support and a break above the trendline trigger at $8.620 with increased buy volume. Always monitor RSI and volume indicators closely to confirm momentum shifts. Manage risk appropriately, especially in such volatile market conditions.
