Ren Protocol Breaks Out, Is This Be A Relief Bounce?
October 04 2022 - 4:00PM
NEWSBTC
REN price could be ready to break out from the downtrend as price
gears up for a short-term recovery creating more bullish sentiment.
REN looks strong on both low and high timeframes. The price
of REN breaks out on the daily timeframe after forming an
descending triangle. Ren Protocol (REN) has recently shown great
recovery after some setbacks as the price has remained downtrend
against tether (USDT). Previous weeks in the crypto space have been
slow, with most altcoins and major cryptocurrencies such as Bitcoin
(BTC) moving in a range. The month appears promising, with altcoins
such as Ren Protocol (REN) bouncing off their lows with hopes of a
rally with the current trend shift. (Data from Binance) Related
Reading: Bitcoin Price Starts Uptober With Record Open Interest
Increase, BTC Rally Will Be Short lived? Ren Protocol (REN) Price
Analysis On The Weekly Chart The new month has been a relief for
most crypto projects, with altcoins such as REN showing bullish
strength and BTC leading the market rally from a low of $18,800 to
$20,100. With the market looking more promising for crypto assets,
we may see more cryptocurrency recovery, as the previous month
prevented major altcoins from rallying. In recent weeks, the price
of REN has not shown the same strength as seen in other altcoins
such as Cosmos, as it has continued to fall to its weekly low of
$0.1. Following a rally from a low of $0.1 to a high of $0.11, the
price of REN was rejected because it could not break above $0.11,
acting as resistance to the price of REN and the area of supply.
Since then, the price has struggled to find support, falling to a
weekly low of $0.1, forming a good support zone with what appears
to be a demand zone for more buy orders. The price of REN remained
in this $0.11 range before breaking out following a bullish weekly
close, with the price looking more bullish for the week. Weekly
resistance for the price of REN – $0.1. Weekly support for the
price of REN – $0.15. Price Analysis Of REN On The Daily (1D) Chart
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 is currently trading at
$0.12, with the price holding above the 8 and 20-day Exponential
Moving Averages (EMA) after breaking through resistance in this
region. The price of $0.116 corresponds to the 8 and 20-day EMAs of
REN. Daily resistance for the REN price – $0.14 Daily support for
the REN price – $0.11. Related Reading: Ethereum Marks Three
Consecutive Red Weekly Closes, Will Uptober Change Its Trajectory?
Featured Image From Coingape, Charts From Tradingview
TRON (COIN:TRXUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
TRON (COIN:TRXUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024