Will Optimism (OP) Sustain Its Uptrend at Key Support Level? Render Token (RNDR) Echoes Bitcoin’s Movements
Optimism (OP) and Render Token (RNDR) are at pivotal points in their price action. The two assets are facing technical levels that could influence their future trends as noted by analyst Rekt Capital in his newsletter. OP has retraced to its Macro Higher Low from June 2022, a crucial level for maintaining its uptrend.
Conversely, RNDR mirrors Bitcoin’s movements, forming a sideways range with notable support and resistance levels. Both tokens must hold their respective support levels to avoid potential breakdowns and ensure continued price stability.
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Optimism (OP) Faces Crucial Test
Rekt noted that OP has retraced significantly, revisiting its Macro Higher Low from mid-June 2022. This level is crucial for maintaining the technical uptrend. Price stability at this point is necessary to avoid a potential breakdown.
While temporary wicks below this level are acceptable, the Monthly Candle should not close below the trendline. Besides, a closure below could flip the trendline into resistance, initiating a downtrend. Hence, maintaining the current price levels is vital for OP’s continued uptrend.
Currently, OP is retesting its Macro Higher Low. Although volatile retests are expected, consistent price stability is crucial to prevent further downside. The current trendline must hold to sustain OP’s technical uptrend. Failure to maintain this trendline might trigger a breakdown, emphasizing the importance of current price levels.
Clearpool Distributes OP Rewards
Clearpool recently completed the weekly distribution of 150,000 OP tokens. These tokens, granted by the Optimism foundation, were airdropped to wallet addresses providing liquidity to borrower pools on Optimism. This marks the end of the campaign. Clearpool thanked all participants and announced that further updates would follow.
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Render Token (RNDR) Mirrors Bitcoin
RNDR exhibits price action similar to Bitcoin. RNDR is forming a sideways range, with a Lower High and a Higher Low within this range. The token has been wicking below the $7.32 support level, touching the blue Higher Low trendline.
Despite the volatility, RNDR has successfully retested the red Range Low as support. The purple $6.25 level, a former All Time High resistance, has become support during these retests.
RNDR enjoys a cluster of demand at the purple and red horizontal supports, as well as the blue Higher Low trendline. This area must hold to support RNDR at current levels and allow further consolidation between the $7.32 and $10.64 levels. A rebound in Bitcoin’s price could prompt a similar move in RNDR, potentially pushing it from $7.32 to $10.64.
Technical Overview and Future Trends
The analysis highlights critical technical levels for both OP and RNDR. OP needs to maintain its Macro Higher Low to sustain its uptrend. Similarly, RNDR’s current support levels are essential for future consolidation. These technical trends provide insights into potential future price movements, contingent on maintaining current support levels.
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