RENDER Update January 21: Dead Cat Bounce or Beginning of Reversal?
The price of RENDER briefly touched $1.933 before bouncing to ~$1.945 (+0.6% from low). Is this the beginning of a recovery or just a pullback before going down again?
๐ง Technical Facts:
โก๏ธBounce Trigger: Oversold (RSI 30) + positive funding rate (0.0014%) โ small short squeeze.
โก๏ธStructure: Still Lower High ($2.458) & Lower Low ($1.933) โ not broken yet.
โก๏ธMomentum: 1H RSI (45.3) vs 4H RSI (34.3) โ weak bounce in small TF, major trend still down.
โก๏ธDerivatives: Positive funding + large negative CVD (-161M) โ conflict; institutional selling pressure vs potential squeeze.
๐ฏ Crucial Levels:
๐บResistance (Sell Zone): $1.963 โ $1.982 (former support โ resistance + EMA)
๐ปSupport (Target): $1.933 โ $1.863
โกInvalidation: Break & hold > $2.028 (change bias)
๐ก Simple Strategy:
1๏ธโฃDO NOT FOMO BUY at $1.945. Bounce is too small and not confirmed yet.
2๏ธโฃWAIT for the price to rise to the zone of $1.963 โ $1.982.
3๏ธโฃCONFIRMATION: Look for signs of rejection (red candle, high volume) in that zone to SHORT.
4๏ธโฃTarget: Return to $1.933 โ $1.863.
โณ Timeline: Bounce may continue for 6โ12 hours. Reaction at $1.963 will determine direction for the next 1โ2 days.
โ
Takeaway: This bounce is not a buy signal, but a better sell opportunity. Positive news (CES, projection $200) does not push the price โ bearish signal. Be patient & wait for confirmation.
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๐ Current Condition: NO TRADE. Wait for setup at $1.963โ$1.982.