Ren Protocol Breaks Out, Is This Be A Relief Bounce?

  • 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)

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

Daily REN Price Chart | Source: RENUSDT On Tradingview.com

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.

Featured Image From Coingape, Charts From Tradingview