RENUSDT ⚠️ How Low Can Ren Go In This Current Uptrend?
Introduction:
💬Ren (RENUSDT) is looking good overall with its current overall uptrend, now the question remains of if this can hold going forward or if this current market structure is producing a top formation?
Only Time will tell but we can surely plan accordingly for both the nest case situation of continuation and worst, being a rollover and breakdown of this current uptrend.
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Support:
Summary:
While REN is currently uptrending, we are cautious as this most recent cyclical move shows potential weakness is REN's price structure. Bulls better be planning for the worst and hoping for the best because this could surely get pulled down by the large-caps moving in lockstep with one another if a BTC or ETH correction happens. At the same time though this uptrend would be significantly attractive to anyone looking for a speculative long and so if large-caps make a move higher this one has room to run.
💬Ren (RENUSDT) is looking good overall with its current overall uptrend, now the question remains of if this can hold going forward or if this current market structure is producing a top formation?
Only Time will tell but we can surely plan accordingly for both the nest case situation of continuation and worst, being a rollover and breakdown of this current uptrend.
Hit that 👍 button to show support for the content!
Help the community grow by giving us a follow 🐣
Support:
- S1: This Bullish Orderblock is being tested ATM and we are hoping to see this be the "best case" scenario for a bottom being found. If that is not the case then we are looking at one level lower to keep us bullish.
- S2: We have a Bullish Orderblock and S/R flip contained within this range as shown on the chart. This range is seen as the true bull's last hope going forward, sure we could see that lower range retested but a retest of that would surely break the current uptrend structure and bring a fair amount of fear into the market.
Resistance: - R1: Considering that REN is in price discovery mode we are not looking at any major levels above other than the current range swing high where a Bearish Orderblock has been identified. If we get a break above this level and go higher it is expected that a retest would be a good entry point for a c continuation play.
Summary:
While REN is currently uptrending, we are cautious as this most recent cyclical move shows potential weakness is REN's price structure. Bulls better be planning for the worst and hoping for the best because this could surely get pulled down by the large-caps moving in lockstep with one another if a BTC or ETH correction happens. At the same time though this uptrend would be significantly attractive to anyone looking for a speculative long and so if large-caps make a move higher this one has room to run.
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