REN is a great protocol that is used to bring Bitcoin into Defi space. Those who believe in DeFi and only hold bitcoin should consider having RevN’s protocol that allows you to use your digital assets in DeFi space. Let us look at the technical analysis of REN.
On September 13, 2021, REN opened at $0.73. On September 19, 2021, REN closed at $0.88. Thus, in the past week, the REN price has increased by approximately 20.39%. In the last 24 hours, REN has traded between $0.82-$0.96.
After the 18th April market correction, the price has been into a consolidating phase. It has been consolidating for over a month. It has also tried to give a breakout from the resistance level of $1.16. REN has the potential to make new all-time highs. Let us see what the indicators are indicating:
At the time of writing, REN is trading at $0.84. The price has decreased from the day’s opening price. Thus, indicating a bearish day ahead. In fact, the overall crypto market seems bearish.
The MACD is currently above the zero range. However, we can witness a bearish crossover by the MACD line over the Signal line. Therefore, we can expect the price to fall.
Talking about the RSI indicator. It is at the 53% mark. And is constantly facing rejection at the 50% mark, which is acting as a strong support level. However, it is making a bearish divergence. Thus, selling pressures are slowly mounting. We have to wait and watch if selling pressures become strong enough to bring about a fresh breakdown from the support zone.
The OBV indicator has broken its uptrend and has started rallying in an opposite direction.
In short, when we look at oscillators, we can say that the price may continue to rise for the rest of the day. However, we cannot rule out the possibility of a trend reversal.
Currently, REN is trading below the second Fibonacci pivot point of $1.61. If the bulls remain strong till day end, then the price is likely to rise above the 50% FIB resistance level. A breakout from this zone will highlight the next resistance level at $1.23. Traders can take a long position accordingly.
On the downside, if the price breaks the support level of $0.77, then we can expect a strong downward movement in the price. It will highlight the next support level of $0.68.