Market Overview: Renzo (REZUSDT) Shows Bullish Reversal on 24-Hour 15-Minute Chart

• Renzo (REZUSDT) experienced a strong bullish reversal on 24-hour 15-minute data, closing near a multi-hour high.
• Price rejected key support at 0.0149–0.0150 and formed a bullish engulfing pattern.
• High volume confirmed breakouts above 0.0155 and 0.0160, suggesting strong buying pressure.
• MACD and RSI both showed bullish divergence, signaling potential momentum continuation.
• Volatility expanded significantly from 0.0148 to 0.0168, with price consolidating near upper Bollinger Band.

Renzo (REZUSDT) opened at 0.01527 at 12:00 ET–1, reached a high of 0.01683, touched a low of 0.01370, and closed at 0.01494 by 12:00 ET. Total volume for the 24-hour period was 84,018,390.8 units, with total turnover of 1.315 BTC equivalent. Price action and volume suggest a possible trend reversal after a sharp sell-off and consolidation.

Structure & Formations

Key support levels were identified around 0.0149–0.0150 and 0.0140–0.0141, with price bouncing off these levels multiple times. A notable bullish engulfing pattern formed around 08:15–08:30 ET, confirming a shift in momentum. A doji near 0.01503 at 08:30–08:45 ET hinted at indecision before a sharp recovery began.

Moving Averages

On the 15-minute chart, the 20-period moving average crossed above the 50-period line at 23:30–00:00 ET, forming a potential golden cross. On the daily chart, the 50-period MA appears to be acting as dynamic support near 0.01520, while the 200-period MA continues to trend lower, suggesting a longer-term bearish bias remains, despite recent 15-minute strength.

MACD & RSI

MACD turned positive at 07:15–07:30 ET and has remained above the zero line, indicating bullish momentum. RSI, which had dipped into oversold territory near 0.0148 in the early hours of 08:15–08:30 ET, rebounded sharply into overbought territory above 65 by 09:30–09:45 ET. The divergence suggests momentum may continue or consolidate in the near term.

Bollinger Bands

Volatility expanded sharply from around 0.0148 to 0.0168, with price breaking out of a tight channel in the 21:45–22:00 ET timeframe. Price has since consolidated near the upper Bollinger Band, suggesting strong resistance may form in the 0.0154–0.0155 range. The bands are widening, indicating increasing market uncertainty and potential for further range expansion.

Volume & Turnover

Volume spiked significantly during the 08:15–08:30 ET and 23:30–00:00 ET periods, coinciding with sharp price recoveries. Notional turnover also increased, confirming the strength of the bounce. A notable divergence appears around 07:30–07:45 ET, where price dipped but volume remained low, indicating weak bearish conviction.

Fibonacci Retracements

Applying Fibonacci to the recent 15-minute swing low at 0.01370 and high at 0.01683 shows that price has found support at the 61.8% level (~0.01507) and is now testing the 78.6% retracement (~0.01600). On the daily chart, the 38.2% retracement of the recent bearish leg appears to be a key area of potential resistance ahead.

Renzo may continue to consolidate near the 0.0150–0.0152 range ahead of another potential breakout, with a possible test of 0.0155–0.0157 in the next 24 hours. Traders should remain cautious of potential profit-taking or consolidation, especially with RSI in overbought territory.