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Taiyang Zhang and Loong Wang founded the cryptocurrency named Republic Protocol in 2017, which was later rebranded as Ren in 2019. Its purpose is to incentivize the process of transferring existing assets, along with the new ones, across different blockchains. Let us look at the technical analysis of REN.
Past Performance
The price opened at $1.16 seven days ago on 5th October 2021. There was a downtrend across the week, and the price closed yesterday at $1.02. There was an overall change of -12.06%.
Source: https://www.tradingview.com/x/qo9ARmxN/
REN Technical Analysis
The price is continuing to go down. The downtrend is continuing even today, and the price is expected to reach the support of $0.9 soon.
Currently, REN is trading at $0.99, which is 2.26% down from yesterday. The traders may consider taking a short position as the price is likely to fall at least to the support level of $0.90.
OBV is showing that the buying and selling pressures are balanced. This is a neutral signal, and hence there is no clear call.
RSI is very close to equilibrium for the last few days. Currently, it is at 49.04%. This is again a neutral signal.
MACD is showing that the fast line has crossed the slow line and is now below it. Also, both the lines are heading towards the negative region and the gap between them is increasing. This is a strong bearish signal, confirming last week’s downtrend as well. Traders may take a short position.
Day-Ahead and Tomorrow
Fib Retracement shows that the chart has gone below the fib support at $1.04. REN is now expected to reach the support at $0.95. If the price goes below this level, the traders may exit the market.
Thus, RSI and OBV are showing neutral signals, whereas MACD is showing a strong bearish signal. Traders may take a short position by placing a stop loss at $0.9. However, after reaching the support at $0.9, the trend may reverse itself.