Render (RNDR) and Cardano (ADA) Rallies Could Be Interrupted If Price Fails to Reclaim These Key Levels
In a newsletter from Rekt Capital, the analysis focuses on Render (RNDR) and Cardano (ADA), two cryptocurrencies currently navigating significant price ranges.
For RNDR, the asset is currently consolidating within a macro range defined by $4.28 and $7.31. After bouncing from the lower end of this range, Render has approached the upper resistance level.
An important factor in this analysis is the red region, which serves as a critical reference point. When this area has previously acted as support, it has helped RNDR maintain its position above the $7.31 resistance.
Read Also: SUI Price Chart Shows Bullish Momentum, Analysis Points to Double-digit Target
Weekly closes above this resistance, along with any retests or deeper price movements into the red region, would signal bullish potential for RNDR upward trajectory.
For a successful breakout above the $7.31 level, RNDR must convert the red region into support, which would set the stage for a potential weekly close above this key resistance. Historically, such closes have led to significant upward movement for Render.
Successful Retest Will Spike ADA Price to $0.72
Turning to Cardano, the analysis reveals that the cryptocurrency remains in a phase of macro accumulation, still hovering near its cycle lows.
The established macro range for ADA is between $0.24 and $0.72. As it attempts to break through the range high and transition out of accumulation, ADA price needs to secure the $0.59 level as support.
This level is significant as it represents an old resistance point from a previous accumulation phase. If ADA fails to establish $0.59 as support, it may revert to the green range of $0.49 to $0.59 for further consolidation.
Read Also: Elite Analyst Warns the Bitcoin Price Crash Might be Coming – Here’s Why
However, ADA has recently surged past this range, and maintaining support at $0.59 would allow it to avoid returning to that lower range. Promising signs are already evident on the weekly timeframe, particularly with a retest that resembles a previous successful retest from early 2024.
Continued stability and a successful retest could enable ADA to challenge the $0.72 resistance above.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
