RNDR/USDT - Possible Head & Shoulder Pattern?

Nov 22, 2023

We've spotted what appears to be a head and shoulders pattern forming, which is generally considered a bearish signal. The right shoulder is currently in formation, and we're closely watching this neckline. If the price breaks down through this neckline convincingly, it could confirm the pattern, suggesting a potential drop towards the major target zone highlighted in yellow.

It's key for us to observe the price behavior near this neckline. A bounce from here might delay the bearish forecast, but if we're seeing consistent lower highs forming on the right shoulder, then it shows us some downward movement. We're looking for a solid closure below the neckline to consider any bearish positions seriously.

But meanwhile, we shared a few possible setups that can happen on the RNDR coin in the next week or two.

Swallow Team

Nov 24, 2023

Note

RNDR struggles to reach that neckline zone, but the gameplay is still the same. It seems the Head form is just stretching out.