RENDER/USDC - (Buy) RENDER confirmed a significant bullish signal opening 38.50!
Market & Ticker: RENDER/USDC
Date: 05/12/2024
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
RENDER is showing strong bullish elements on a long-term basis opening a potential towards 38,50.
On the short-term perspective, the trendline surpassed confirm the exit from the multi weeks consolidation opening 19,70.
As long as 8,50 remain a tactical support valid (daily close) a larger rise to 16,50 is expected before 19,70 in extension.
Technical Key Elements:
- Bullish exit from multi weeks consolidation
- RSI Indicator is positive – no divergence
- The Moving average are support
- Fibonacci key support is adjusted at 8,50 while the key resistance is adjusted at 16,50 and 19,70
Trade Idea conclusion: Bullish - Conviction (High)
- Target 2: 19,70
- Target 1: 16,50
- Tactical support: 8,50 (daily close)
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
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