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REN Technical Analysis: Later Part of the Week Witnessed an Increase in the Price, Closed at $1.11

source-logo  cryptoknowmics.com 23 October 2021 10:14, UTC

Ren is an open protocol built to provide interoperability and liquidity between different blockchain platforms. It was founded by Taiyang Zhang, its CEO, in 2017. Initially called Republic Protocol, Ren was first announced in January 2018, with Zhang explaining its initial use case as a “decentralized dark pool.” Formerly known as Republic Protocol, Ren launched RenVM, its virtual machine mainnet, in May 2020, having completed a $34 million initial coin offering (ICO) in 2018.

Let us look at the technical analysis of REN.

Past Performance

On 16 October 2021, REN opened at $1.03. The later part of the week witnessed an increase in the price, after which it closed on 22 October 2021 at $1.11. This was a positive change of 7.7% over the week.

Source: https://www.tradingview.com/x/Hs93Q9NP/

REN Technical Analysis

The price chart took support at $0.96 to start increasing. An uptrend can be seen to be started in the price chart. The current trading price of REN is $1.11, which is about 0.04% down from yesterday’s close.

OBV is showing a horizontal line in its graph. This means that the buying and selling pressures are balancing each other. This is a neutral signal, meaning that the traders may hold their current positions.

RSI is again showing a horizontal line in its graph. It is currently at 57.50%. This is a neutral signal, again meaning that the traders may hold their current positions.

MACD, being a lagging indicator, is confirming the last few days’ uptrend. This can be seen as the fast line is about to take over the slow line. This can be a bullish signal, meaning that the traders may take a long position here.

Day-Ahead and Tomorrow

Fib retracement shows that the REN price chart is currently facing resistance at the $1.13 pivot point.

Thus, the indicators are giving a neutral signal, meaning that the traders may hold their current positions. They may place the stop-loss at $0.96 if they already have a position.

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