Famous Twitter technical analysis expert Crypto Tony @CryptoTony__ recently provided an insightful price update on $RNDR / $USD. As one of the most well-respected traders on Twitter, Crypto Tony advised to “Flip that supply zone at $1.53 and we can look to long” the token.
He is suggesting that RNDR may be at an attractive entry point for a long position if it can break back above the resistance at $1.53.
$RNDR / $USD – Update
— Crypto Tony (@CryptoTony__) September 8, 2023
Flip that supply zone at $1.53 and we can look to long 💯 pic.twitter.com/s5WvFLPVJI
In the case of RNDR, altFINS analytics platform shows the token recently broke bearishly out of a Descending Triangle pattern below the key $1.70 support level, confirming the ongoing downtrend. Price is currently finding some minor support around $1.30 but has bigger support near $1.00 (set a price alert here).
Source: altFINS – Start using it today
The momentum indicators are mixed, with the Moving Average Convergence Divergence (MACD) bullish as the MACD line is above the signal line. However, the RSI is bearish at below 45. This suggests buying momentum is slowing even as prices fall.
When the MACD line crosses above the MACD signal line, which is usually a 9-day EMA of the MACD line itself, it signals increasing positive momentum and could be a buy signal. If the MACD line crosses below the signal line, it indicates slowing momentum and could be a sell signal.
To add context, the Relative Strength Index (RSI) is a momentum indicator that measures the speed and magnitude of recent price changes to analyze overbought or oversold conditions. An RSI below 30 is considered oversold while above 70 is overbought.
Overall, the technical picture suggests further downside is likely, with the next major support zones at $1.00 and $2.50. Traders should watch to see if $RNDR can reclaim the broken $1.70 level which would signal a trend reversal. Until then, Crypto Tony’s analysis suggests caution around long positions without a break of $1.53.
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