RDNT Price Analysis: Bullish Prospects Amidst Persistent Downtrend
$RDNT

On the 4-hour chart, #RDNTUSDT shows signs of recovery with the price currently trading at $0.1080. The 200-period SMA at $0.1087 acts as a resistance level, which the price is currently testing. The VWAP at $0.1073 indicates the price is above the average, suggesting short-term bullish momentum. The RSI at 57.98 is leaning towards bullish but remains close to neutral. The MACD is positive, indicating bullish momentum.

The Fibonacci retracement levels from the recent high of $0.15 to the low of $0.08 show key levels to watch: 38.2% at $0.1092, 50% at $0.1150, and 61.8% at $0.1208. The price needs to break above these Fibonacci levels to confirm.

Daily Chart Analysis:
On the daily chart, RDNT/USDT is trading at $0.1078, showing a recent minor upward movement. The 200-day SMA at $0.2428 suggests long-term bearish momentum. The RSI at 48.10 indicates neutral conditions, while the MACD shows a slight bullish crossover, suggesting potential upward momentum.

The Fibonacci retracement levels from the recent high of $0.35 to the low of $0.05 show key levels to watch: 23.6% at $0.1270, 38.2% at $0.1670, and 50% at $0.2000. These levels will be critical resistance points as the price attempts to recover.

Key Levels to Watch:

Support Levels: $0.10, $0.09Resistance Levels: $0.15, $0.20 (and Fibonacci levels mentioned above)

Overall, while there is short-term bullish momentum indicated by the 4-hour chart, the long-term trend remains bearish as indicated by the daily chart and the position of the 200-day SMA. A sustained move above the 200-period SMA on the 4-hour chart and above key Fibonacci retracement levels would indicate a stronger bullish reversal.

Conversely, failure to break these levels may result in a retest of lower support levels.

Disclaimer: This analysis is based on technical price action and should not be considered financial advice. Always do your own research before making any trading decisions.

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