Optimism (OP) and Render Token (RNDR) Face Critical Tests: Top Analyst Highlights Key Price Levels To Wach
Crypto analyst Rekt Capital has highlighted key technical developments for Optimism (OP) and Render Token (RNDR) in his newsletter. Both assets are currently testing critical support levels, which could determine their short-term price trajectories.
What you'll learn 👉
Optimism Struggles to Maintain Macro Higher Low
Optimism’s price has slipped below its macro higher low support level. This development has raised concerns among traders and investors. However, Rekt Capital notes that this could still be part of a volatile retest.
The analyst points out that similar retests have occurred in OP’s price history. If successful, this retest could protect the macro technical uptrend. Consequently, it might mark the bottom of the current correction and set the stage for a potential price reversal.
Render Token Mirrors Bitcoin’s Recent Performance
Render Token has been consolidating within a macro range for four consecutive months. During this period, RNDR successfully retested its range low as support. The asset’s price action has closely mirrored that of Bitcoin in recent weeks.
RNDR is now retesting a higher low that connects the downside wicks in its monthly candles. A successful retest at this level could be bullish for the token. It may pave the way for a rally back to the recently lost range low.
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Critical Reclamation Needed for Bullish Outlook
For RNDR to maintain a bullish outlook, it must reclaim the lost range low. Failure to do so could confirm this level as new resistance. This scenario is not unique to RNDR, as many altcoins face similar challenges in the current market climate.
Rekt Capital emphasizes that the key question for these assets is whether lost supports will become new resistances. Alternatively, these levels could be reclaimed, confirming recent breakdowns as false signals. The coming weeks will be crucial in determining the direction of these trends.
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