Looking at the 4-hour chart of RENDER futures, the rebound momentum has completely lost strength before reaching the MA20 level at 2.306. The price is currently oscillating around 2.2, unable to break through upwards for a long time, and this level has already been tested by several candles.

From an indicator perspective, the situation is not optimistic. The MACD has formed a death cross at a high level, which usually indicates the exhaustion of upward momentum. More importantly, the RSI is only at 45.8, far from entering the overbought zone, suggesting that this rebound has not been truly recognized by the bulls, and trading volume has significantly shrunk.

This high-level, low-volume rebound pattern is often a classic trap for false signals. Currently, with the price at 2.201, the bears can directly intervene. If this trend continues, the target is to look down towards the previous low around 2.065, where some support should form.