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The RAD/USDT pair on the weekly timeframe shows a prolonged narrowing within a descending triangle, starting from the end of 2021. The current price is at $1.559, which is close to the lower boundary of the range around $1.00.
Technical Analysis:
1. Figure "Descending triangle":
This is a typical bearish figure that forms after a prolonged decline. The price repeatedly tests the upper trend line, but each time encounters resistance. The lower boundary serves as support.
A triangle breakdown to the downside may indicate a continuation of the bearish trend, with targets around $0.75–$0.50.
2. Ichimoku Cloud:
The price is under the cloud, indicating the current bearish trend.
The cloud is relatively narrow, which may indicate a slowdown in market momentum.
The current price action suggests a possible short-term upward movement, but the overall direction remains downward.
3. Volumes:
Volumes are not indicated on this chart, but based on the shadows of the candles, there were attempts of sharp movements, especially around the upper boundary of the triangle.
4. Resistances and supports:
Resistance: $1.80 (upper boundary of the triangle), $2.10 and above up to $3.00.
Support: the current zone $1.00 is a strong level that has held the price several times already.
Output:
The RAD/USDT asset is in a consolidation phase. The main attention should be paid to breaking through one of the triangle boundaries. If the price breaks down, further decline is likely, but if there is a breakout upwards (with a move above the Ichimoku cloud), it may signal a trend reversal and possible growth to the $2.10 level and above.