) turned around and started a recovery on May 26. The bulls continued their purchase and pushed the price above the moving averages on May 29, indicating a potential trend change.The moving averages have completed a bullish crossover and the RSI is in the positive territory, indicating that the path of least resistance is to the upside. There is a barrier at $120 but if bulls overcome it, the QNT/USDT pair could rise to $128 and subsequently to $135.
While most major cryptocurrencies are struggling to start a recovery in a downtrend, Render Token has started a new upward move.The RNDR/USDT pair dipped to the 20-day EMA on May 31 but the bulls successfully defended the level. This shows a positive sentiment where traders are buying the dips to strong support levels. The pair could retest the 52-week high of $2.95. If this resistance is overcome, the pair may soar to $3.75.
This positive view will invalidate in the near term if the price turns down from the current level and breaks below the moving averages. The pair could then plummet to the support line of the channel.The 4-hour chart shows that the bulls are sustaining the price above the moving averages but they have failed to clear the overhead hurdle at $50.37. This suggests that bears continue to sell on minor rallies.
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