Hi folks,
From now I am going to share some of my own predictions on cryptocurrencies. Today I will be writing about REN. Let's know a bit about REN first.
REN is an open protocol built to provide interoperability and liquidity between different blockchains. REN aims to expand the accessibility of Defi projects by solving the problem of liquidity between different blockchains. You can get to learn more about REN on their website. Let's dive into the technical analysis now.
Technical Analysis
REN's current price at the time of writing this post is $0.98 on Binance. Its all-time high was $1.83 which was reached on 20 Feb 2021. After which the market is showing a downward movement and it's already approximately 50% down from its all-time high.
Let's look at the daily chart now:
Here on the chart, we can see that it is on a downtrend since 20 Feb 2021. It is showing a descending triangle pattern holding the $0.75-$0.85 support zone. But interesting enough, on April 17 the market was dumped directly to $0.015 from $1.10 which is 7233% down in a day, kinda crazy hehe. But it was accumulated up to 0.95$ on the same day showing the interest of buyers in the market. So can we say that buyers are so much interested in this price range that brought the whole market up to this range the same day?
Here is some bullish sign that I found on the same chart
On April 25, 2021, the red bar with a pin, and on 26 April the pin bar was engulfed by a green candle Showing how strong buyers were that day. Also on May 4,5, we can see a tweezer bottom where bears were trying to move the market down but the next day bulls got back in showing the interest of buyers.
Let's have a look at a 4H chart now:
We can see a positive movement in this chart. REN is on an uptrend since April 13, 2020. Where it has recently created a resistance zone around 1$ and also a support zone around $0.93 which is why the market is a bit choppy for some time being. But if it can break out the resistance zone and retest it we can see it moving much higher. We can also see the market is holding Ichimoku cloud as support quite well.
Fundamentals
REN has recently upgraded its network with RenVM 0.4 about which you can read more on their medium articles page. Here is the link. I haven't looked much into the fundamentals of REN other than technical analysis by I have gone over twitter searching for $REN and found positivity on this coin. You can find it out yourself by clicking here. Look out what people have to say and their technical analysis as well.
I am personally bullish on this coin and I believe if this alt season remains for some time, this coin can return you 1.5x+ if not 2x. But this is long term you will have to hold it and accumulate partially and always keep some money in your pocket to buy the dip to average your entry.
Here is some of their community and chat link so that you can figure more about them:
Medium: https://medium.com/renproject
Twitter: https://twitter.com/renprotocol
Reddit: https://www.reddit.com/r/RenProject
Telegram:
Legal Disclaimer:
I am in no way a financial advisor nor is any content in this article presented as financial advice. This post is my personal opinion, do your own research before making any investment decisions. Executing any trade after reading this post, is completely your responsibility. I can not be held responsible for any of your losses that may occur. By reading this post you acknowledge and accept that.