Cryptocurrency Forecasted to Surge 1800%
Key Points
- Price action of a particular cryptocurrency has corrected 96% since October 2021.
- A number of reasons are now emerging to be bullish on this cryptocurrency, including price action and RSI resistance breakouts, a trend reversal, and the confirmation of support at legacy support and resistance.
- The falling wedge breakout forecasts a massive leap of 1800% to a price point of $1.
- While it’s possible that price action may correct further, it doesn’t seem probable given the analysis.
Analysis
Trade Details
The proposed trade type is long, with a risk parameter set <=6%. The timeframe for initiating the trade is within this month, and the anticipated return on investment is a staggering 1800%.
In conclusion, this crypto asset’s falling wedge breakout from a severe correction since last October sets the stage for a possible massive upswing. Clear breakouts, trend reversals, and confirmed support showcase solid reasons for predicting a bullish outcome. However, as with all kinds of investments, especially in the volatile cryptocurrency market, it’s crucial to conduct personal due research and risk assessment before diving in.
Disclaimer. The opinions expressed by our writers are their own and do not represent the views of JustInvestNews . The financial and market information provided on JustInvestNews is intended for informational purposes only. JustInvestNews is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Original article: https://www.tradingview.com/chart/RENUSDT/yB8pnvpg-REN-falling-wedge/
