REN Technical Analysis: Price Testing First Support Level of $0.97


Ren is an open-source protocol that facilitates cross-chain transfers of digital tokens. It provides access to inter-chain liquidity too across all decentralized apps. Users can access digital assets from any blockchain network without having to wrap or unwrap the crypto tokens. REN is the prime governance token of this ecosystem. The following REN technical analysis predicts the price for the next two days:

Past Performance

On April 24, 2021, REN started trading at $0.82. As of April 30, 2021, REN closed at $0.98. Thus, in the past week, the REN price has surged by roughly 19%. In the last 24 hours, REN has traded between $0.97-$1.01.

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https://s3.tradingview.com/snapshots/x/XMIn5GZ9.png

Day-Ahead and Tomorrow

Currently, REN is trading at $0.99. The price has increased from the day’s opening price of $0.98. Thus, the market seems to be uptick.

The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. The price is expected to start declining.

The RSI indicator is currently at 51%. It faced rejection at 35% and rallied to the current level. Thus, buying pressures are slowly mounting. Hence, the price may start rising after declining for some time.

The OBV indicator has gradually started rising again. Hence, buying volumes are picking up and may surpass selling volumes in some time. Therefore, like the RSI indicator, the OBV indicator is also pointing towards a bearish trend reversal in some time.

In a nutshell, when we look at all the indicators together, the price will decline for some time. As buying activity overtakes the market, the REN price will start rising again.

REN Technical Analysis

Currently, the price is above the Fibonacci pivot point of $0.99. It may soon fall below the first support level of $0.97. Thereafter, we have to wait and watch if the price moves further down or starts rising again.

The price has tested and broken out of the 38.2% FIB retracement level of $0.99. If the price breaks out of the 23.6% FIB retracement level of $1, then probably a price uptrend has set in. In that case, we can expect the price upswing to continue till day end and tomorrow.

 
 



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