Cryptoclump: REN takes a break before falling?

In this new Wednesday cryptocurrency, we will focus our technical analysis on Ren (REN)a protocol decentralized whose purpose is to secureinteroperability between different blockchains. After having wind in the sails in the years 2020 and 2021, the asset has faced a sharp decline. To study the key levels and possible scenarios for the next few weeks, without further ado, let’s move on to TradingView now!

This REN analysis is offered to you in collaboration with Coin trading and its algorithmic trading solution finally available to individuals.

A current reintegration of an old range?

The price of REN against the dollar (1W)

After one long rangefrom February 2018 to June 2020, the REN process increased to enroll one all time high at $ 1.84 in February 2021. Since that date, REN has never been able to go to higher price levels. From October 2020 to April 2022, the asset held above support. After closing below this level, the asset triggered a bearish movement, which drove it to the upper limit of the range.

Currently, the price is fighting for stay above the upper limite, an area where the asset can hold for some time before taking a new direction. If REN loses this upper limit, which is located at 0.115-0.125, it will definitely take the direction of its low at $ 0.08. At the moment, one has to remember that the weekly trend is declining. REN has been digesting the decline that took place during the month of May for several weeks. So let’s go over to a daily chart to get a more detailed overview of the current price structure!

CLEAN at a key moment on a daily scale

REN rate against dollars in daily time units - July 13, 2022
The price of REN against the dollar (1D)

After the fall in the price of REN during the lightning crash in May 2022, the asset went into a initial lateralization between $ 0.17 and $ 0.115. After breaking its lower limit downwards, REN continued its downward momentum. Now the price moves between a low at $ 0.08 and a maximum at $ 0.15. As long as this last level is not taken again, we will not be able to consider bullish targets. Being thrown out of the top three times this shows a level where salespeople in particular show up. Orders have logically accumulated at these levels with many stop losses. Thus, within the framework of a bearish continuity of the asset, REN sooner or later had to be liquidated positions with one bullish wick.

Currently on 50% Fibonacci of the bullish movement, this level interacts with the previous low of the flash crash. It is therefore a technical level to see. In case of loss of this level, REN will go to first $ 0.103, the previous bottom of the daily trends. If the price closes below this level, we will have a bottom lower than the previous one. In this context, we may consider a decline in the asset with a return to the low point at 0.08. As long as there is no close below this level, we can expect one tidy of the asset.

REN in a weak position against the king of cryptocurrencies?

REN price against Bitcoin in daily time units - July 13, 2022
Price of REN against Bitcoin (1W)

What we can see is the situation where REN is facing the king of cryptocurrencies. During this year 2022 is active lost an important focal point, shown in blue. REN develops by detecting depressions and falling peaks. This testifies to downtrend strength. Most recently, REN leaned on a support that coincides with a sloping line. This allowed the asset to temporarily outperform Bitcoin, and it also jumped against the dollar.

In recent days, REN has implemented one wicks on the turning area which is between 835 and 910 satoshis. Currently stumbling below the low point, which was dated February 2022, this testifies to underperformance active against bitcoin. As a result, it is very likely that we will experience a decline in REN over the next few months. This could easily return to the 400 satoshis zone.

Wednesday’s cryptocurrency is coming to an end. You understand. REN is inside underperformance against Bitcoin and in weekly downward trend. Therefore, bullish targets are not preferable at present. On the contrary, against the dollar, it will be necessary to monitor whether the high or low will break first. If REN closes below 50% Fibonacci, a return to $ 0.08 will be preferred over the next few days.

Is it possible to become a winner every time? Whether the Bitcoin price is in good shape or going through turbulence, Coin Trading offers you to increase your chances of success. In fact, coin trading gives individuals access a trading tool algorithmic and 100% automated. Real trend mechanism, follow our affiliate link to test this tool designed to adapt to market twists and place yourself on the most dynamic cryptocurrencies at the moment!

Leave a Comment