๐จ$RDNT Hitting Resistance - Quick Short Setup ๐
Trading plan: Short $RDNT
๐ด
โข Entry zone: $0.0133 - $0.0139
โข ๐ฏ TP1: $0.0126
โข ๐ฏ TP2: $0.0122
โข ๐ฏ TP3: $0.0118
โข SL: $0.0143
Technical Analysis โก๏ธ
After a massive increase of 33% to $0.0144, $RDNT is stagnating and generating long upper wicks, signaling increasing profit-taking pressure. The RSI (12) on short-term timeframes has risen into extreme overbought territory, warning that a technical correction to "cool off" is imminent. The price is currently extended well above the EMA support bands, supporting a mean reversion scenario towards lower equilibrium levels.
Stop Loss Advice ($0.0143):
This is the recent peak of resistance; a breakout above here confirms the continuation of the trend, making the short position high risk.
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