The chart shows the formation of a "Double Top" pattern at levels of $1.59, followed by a correction towards the current support areas. The currency is now trying to hold above the psychological support line at $1.48. We are in a phase of sideways accumulation that may precede the next breakout.
Potential price targets (seize the opportunity):
• First target: $1.54 (recovering the nearby resistance area).
• Second target: $1.60 (breaking the previous peak and targeting a new barrier).
• Strategic target: $1.75 (the medium term if the positive momentum of the market continues).
Controversial scenarios:
• Positive scenario: A breakout above $1.52 and closing above it with a 4-hour candle opens the door for a significant jump towards $1.65.
• Cautious scenario: The current fluctuations require monitoring the key support areas at $1.48 and $1.45; breaking these areas may lead to a temporary drop to clean liquidity before the rise.
Buy and sell areas:
• Buy: The ideal entry is in the areas between $1.48 and $1.49.
• Sell: Reduce positions at $1.59, and exit completely at strategic targets.
Golden advice for traders:
"Don't chase green candles, but wait for a rebound from support." Watch the trading volume when touching the $1.50 area; if momentum increases, the rise is inevitable. Stick to a stop-loss below $1.44 to protect your capital.
What will happen in the coming days?
We expect continued tight fluctuations between levels of $1.48 and $1.52 for the next 24-48 hours, followed by a strong price movement (breakout) in conjunction with Bitcoin movements. The currency shows strength in consolidation, which favors the upward trend.
🤔 Discussion question:
Do you think RENDER will succeed in breaking the $1.60 barrier before the end of the week? Share your opinion in the comments!
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