REN in a Downturn After Whale Buying in February-Technical Analysis

Ankita  |  Mar 8, 2021

Republic Protocol (REN) is an open-source protocol that allows value movement among blockchains. It is built on the RenVM network that allows developers to build cross-chain functionality in their Defi applications.

Past Performance

Heavy whale buying in February 2021, drove the REN price to all-time highs. Thereafter, the price has been falling.

On March 1, 2021, REN opened at $1.04. As of March 7, 2021, REN closed at $1.21. Thus, in the past week, the REN price has surged by approximately 16%. In the last 24 hours, the REN price has fluctuated between $1.05 - $1.28.

REN Price Analysis

 

Day-Ahead and Tomorrow

Today, REN started trading at $1.21. Currently, it is trading at $1.23. Thus, the price is an uptick. The market looks healthy.

The A/D line is upward sloping. Thus, whale accumulation is higher than whale distribution. Hence, we can expect the price to go up further.

The MACD and signal lines are in the negative territory. However, they are inching closer to the zero lines. Hence, they are expected to change signs soon. Moreover, a bullish crossover by the MACD line over the signal line points towards a price rise.

For a long time in the morning, the RSI indicator was in the ‘overbought’ region. Thereafter, it started falling indicating high selling pressures. However, it is continually facing a bullish swing rejection at 40%. Now, it has started rallying again. Thus, the market seems bullish.

REN Price Analysis

Currently, the price is trading above the Fibonacci pivot point of $1.18. By the end of the day, we can expect the price to break out of the first Fibonacci pivot resistance level of $1.27.

The price has tested the 38.2% FIB retracement level of $1.19 and broken out of it. It is currently testing the 23.6% FIB retracement level of $1.22 and is expected to break out of it soon. Thus, the bulls look strong and we can expect the price upswing to continue tomorrow as well.

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