Elite Analyst Updates Outlooks on Optimism and Render: OP Must Reclaim Support to Rally, RNDR Price to Follow Bitcoin’s Path
In the latest crypto newsletter, Rekt Capital provides insightful technical analysis of two cryptocurrencies: Optimism (OP) and Render Token (RNDR). Let’s delve into the details of each asset’s current market position and potential future movements.
What you'll learn 👉
Optimism (OP) Shows Signs of Recovery
Last week, Optimism’s price action was cause for concern as it tested the Macro Higher Low as support. The cryptocurrency briefly dipped below this crucial level, raising questions about its ability to maintain its upward trajectory.
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Now, OP has managed to reclaim the Higher Low, performing a downside wick below it. This move has created a bargain-buying opportunity for investors who were quick to capitalize on the dip.
For OP to build on this newfound momentum, the next critical step would be to reclaim the $1.91 level as support. Such a move would signal a continuation of the upward trend. In the meantime, price stability at the recently protected Higher Low is essential for maintaining investor confidence.
Render Token (RNDR) Displays Remarkable Stability
While Render Token’s price action remains largely unchanged since the previous week’s update, the cryptocurrency continues to exhibit impressive stability. RNDR is currently holding steady at a Higher Low, which coincides with the $6.25 level – a resistance point from late 2021 that has now become support.
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Show more +Rekt Capital said a successful flip of a previous resistance into support demonstrates a significant shift in market psychology over the past three years. If RNDR can maintain its footing at this level, it could pave the way for a move towards the $7.33 mark, potentially reclaiming it as new support.
An interesting point of comparison is drawn between RNDR and Bitcoin (BTC). If RNDR manages to reclaim the $7.32 level, it would effectively break back into its own Re-Accumulation Range between $7.32 and $10.64.
Given that Bitcoin recently reclaimed its own Re-Accumulation Range, the question arises: Could RNDR follow a similar path in the coming weeks or months?
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