$JTO Strong rebound since the low in April, currently compressing just below the 0.65 - 0.70 resistance zone. This area has rejected price increases multiple times over the past few weeks.
The structure remains bullish, showing a series of higher lows and supported by an ascending trendline. Meanwhile, the price is applying pressure against horizontal resistance, forming a classic breakout pattern.
If we manage to break above and close over 0.65 - 0.70, it could trigger a new wave of bullish momentum, as the resistance above is relatively weak compared to the consolidation zone formed below.
However, bulls still need to confirm. Before breaking the resistance, the market might continue to oscillate between support and resistance levels, building up energy for the next upward move.
Key Levels 🟢 Support: 0.5939 → 0.4627 🔴 Resistance: 0.6500 → 0.7000 📈 Bias: Bullish as long as the price stays above the ascending trendline ⚠️ A break above 0.70 could spark the next strong rally.
Hoping this last wave of the 3-wave pump will attract new buyers for #ETH🔥🔥🔥🔥🔥🔥 against #BTC☀️
Keep in mind, when this index gains momentum, other Ethereum-related altcoins will also pump alongside. So, consider this chart as another indicator for altcoin season
#render is still under a significant expanding wedge structure, so the macro trend hasn't completely reversed yet. However, in the short term, the price is building a clear ascending channel with higher lows, indicating that buyers are gradually taking control.
The Relative Strength Index (RSI) is also maintaining an upward trend line, supporting the notion of increasing momentum. The key breakout zone is around 2.30 - 2.50. If the price breaks and holds above this area, RENDER could initiate a stronger bullish momentum, targeting 3.50+.
But if the price loses support from the lower ascending channel, the whole setup will be weakened, and the likelihood of a pullback to 1.80 - 1.60 will increase.
For now, this is a bullish short-term structure fighting against resistance from the macro downtrend. A breakout above 2.50 would be the real confirmation signal.