- RSR breaks a long-term descending trendline with volume surge, signaling a bullish shift and setting sights on December highs.
- A breakout from a symmetrical triangle and descending channel suggests renewed bullish momentum backed by strong buying pressure.
- Sustained price action above resistance and higher lows indicate a potential trend reversal with solid technical support in place.
RSR/USDT shows signs of a bullish shift after breaking key technical patterns. The pair recently surged past a descending trendline, which had capped its upside since December 2023. This breakout followed a period of consolidation within a symmetrical triangle, sparking renewed interest among traders. Notably, a 141.24% rally in November set the tone for RSR’s current structure. Besides, the ongoing price action mirrors the conditions seen before that explosive move. The market now watches closely for sustained momentum above resistance zones.
The recent price structure reflects growing buying pressure. Higher lows have formed consistently, indicating strength building on the bullish side. Additionally, a key breakout occurred from a descending channel on the daily chart. This move altered the previous downtrend that had lasted for several months. Moreover, the breakout candle pierced through major resistance with strong volume support. Traders view this as a potential start of a larger upward trend.
Bullish Momentum Builds After Pattern Break
The symmetrical triangle on the 12-hour timeframe compressed price tightly over March. A breakout attempt followed as April began. The breakout coincided with bullish candles crossing above the descending trendline. Consequently, price action began forming a higher high structure, reversing the long-standing bearish sentiment. Moreover, the price now trades above an horizontal support zone. This gives bulls a cushion in case of minor pullbacks.
Besides, the descending channel on the daily chart has served as a prolonged consolidation phase. Each move within the channel formed lower highs and lower lows. However, that trend ended with a breakout marked by a large bullish candle. Volume spiked during this move, confirming strong market participation. the price now hovers above previous resistance, establishing a potential new base.
Market Watches for Continuation
Currently, all eyes remain on whether RSR can maintain momentum above resistance. Buyers aim to push the token toward the December highs. Additionally, bullish structure remains intact as long as the price holds above the breakout levels. Failure to sustain could lead to temporary consolidation. However, indicators now favor a continuation of the uptrend.
