TradeCityPro | RENDERUSDT Analysis Continued Uptrend?
2024-11-27

👋  Welcome to the TradeCityPro channel! 
Let’s analyze RENDER, a popular crypto project in the graphics card and infrastructure domain, which also operates as a Layer 2 solution.

🌍  Bitcoin's Market Overview 
As always, before diving into RENDER, we take a quick look at Bitcoin. According to prior analyses, the recent red candles are purely corrective and indicate no major trend reversal. Corrections are healthy for any uptrend. Bitcoin is showing renewed green candles, with a 4% rise today.

After breaking 94,859, you can open long positions. However, due to the decreasing Bitcoin dominance (BTC.D), this level can also be considered a confirmation for entering altcoins. A further wave of uptrend seems possible.


📊  Weekly Timeframe 

RENDER is one of the most bullish altcoins, similar to SOL, SUI, and OM. It has experienced less decline compared to other altcoins, largely due to the hype around Layer 2 and NVIDIA, which boosted this coin before the bull run.

After its upward move and correction from 13.009, it hit the support at 4.405 and formed a green candle that engulfed the prior two candles. This alone serves as a bullish trigger in an uptrend. Currently, it has reached the key resistance level of 7.914.

If this resistance is broken, given the bullish structure in higher time frames and the formation of higher lows, the coin can continue its upward movement. A buy position with a stop loss at the 4.405 level is reasonable. RSI entering the overbought zone can confirm the bullish trend further. If missed, a trigger at 13.009 remains valid.


📈  Daily Timeframe 

The primary resistance at 6.999 was broken, but no significant movement occurred afterward. For now, we consider 8.023 as a key trigger level. After its breakout, the price can aim for targets at 9.765 and 11.240.

Additionally, the main resistance level of 13.009 in the higher time frame is adjusted to 11.240 as the broader market has shown more logical reactions to this level. 

RSI displays notable divergence, but during a bull run, it is often disregarded. Personally, I prefer taking positions with a stop loss rather than missing the potential movement.


⏱  4-Hour Timeframe 

After breaking 5.198, the coin experienced a solid uptrend. I opened a long position, and if the resistance at 8.094 is broken, I plan to move my stop loss to 6.532. Currently, the price is ranging between 7.18 and 8.09.

📈  Long Position Trigger: 
Upon breaking 8.094, I will open another long position and follow the potential continuation. If the price approaches the resistance with strong momentum, I may also set a stop-buy order with a larger stop loss at 7.18.

📉  Short Position Trigger: 
For now, no short setups are considered during the bullish trend. If 6.532 is broken, I might only close my long position.

💡  BTC Pair Insight 

Compared to Bitcoin, RENDER remains bullish, bouncing strongly from support levels. Breaking its descending trendline reinforces the continuation of its uptrend. 

For those needing a trigger, breaking 0.00010090 on its BTC pair confirms further moves, even though by then, its USDT pair may have already pumped 50%. The key movements often come after the trigger.


📝  Final Thoughts 

Stay calm, trade wisely, and let's capture the market's best opportunities!

This analysis reflects our opinions and is not financial advice.

Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️