Ren Protocol Breaks Out, Is This Be A Relief Bounce?

  • As price prepares to make a recovery in the short term, REN could break from its downtrend and create more bullish sentiment.
  • REN is strong in both high and low time frames. 
  • After forming a descending triangle, the price of REN rises on a daily basis.

Ren Protocol’s (REN) price movement has been remarkable, despite some setbacks. It has remained in a downtrend relative to tether (USDT), which has seen it show great recovery. The crypto market has been slow in recent weeks. Most altcoins, as well as major cryptocurrencies like Bitcoin (BTC), have moved in a wide range. Altcoins like Ren Protocol (REN), which bounced off of their lows, are looking forward to a rally due to the trend shift. Data from Binance

Ren Protocol (REN), Price Analysis on The Weekly Chart

Most crypto projects have found relief in the new month, altcoins like REN showing bullish power, and BTC leading market rallies from a low point of $18,800 down to $20,100. The market looks more favorable for cryptocurrency assets. This is because the last month had prevented many major altcoins rallying.

The price for REN has been falling to its lowest weekly level of $0.1 in the last week. This is despite it not showing the same strength like other altcoins.

After a rally that saw REN prices rise from $0.1 to $0.11, the price was rejected by REN because it couldn’t break below $0.11. This resistance acts as resistance to REN and to supply.

Since then the price has been struggling to find support. It fell to a weekly lowest of $0.1. This formed a solid support zone and what seems to be an area for increased buy orders.

The price for REN remained within the $0.11 range until it broke through following a bullish week-end close.

Weekly resistance for the price of REN – $0.1.

Weekly support for the price of REN – $0.15.

Price Analysis For REN On The Daily (1D), Chart

Source: RENUSDT On| Source: RENUSDT On

On the daily timeframe, REN’s price remains bullish, flipping the resistance at $0.11 and holding above this region with good volume as the price targets $0.14 creating more bullish sentiment after breaking out of descending wedge.

REN trades currently at $0.12 with the price above the Exponential Moving Averages for the past 8 and 20 days (EMA). This is after the region’s resistance was broken. The price of $0.116 corresponds with the 8-20-day EMAs (EMAs) of REN.

Daily resistance for the REN price – $0.14

Daily support for the REN price – $0.11.

Coingape Featured Image, Charts from Tradingview  

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