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🔷️ #RENDER# had previously broken out above the descending trendline marked by the blue line on the daily timeframe. However, it failed to hold during the re-test and has since fallen back below the blue line. This suggests that the breakout has not been confirmed and caution is warranted in the short term.
🔹 If the price can reclaim the blue line and establish support above it, the next resistance levels according to Fibonacci are indicated by the yellow lines.
🔹 Otherwise, if downward pressure continues, the price may retest support levels again.
📊 Technical Indicators:
✅ MACD: Still below the signal line, but the histogram shows weakening bearish momentum a potential early reversal sign.
⚠️ RSI: Trading below 50, indicating indecision and weakness in bullish strength.
✅ Stochastic RSI: Has crossed upward from the oversold zone, which may suggest a bounce is coming.
⚠️ Volume: The initial breakout occurred on low volume, raising doubts about its sustainability.
‼️ This is not investment advice.
#RNDR # RenderToken #Altcoin # Crypto