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REN’s Weekly RSI Drops to Lowest Ever Level as Price Hits New Yearly Low – BeInCrypto

Crptoz by Crptoz
June 6, 2022
in Bitcoin News
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The REN has shown several bullish signals on the daily time frame, and it is possible that the price will start a strong rally as a result.

The REN has been declining since reaching an all-time high of $0.89 in February 2021. The downside movement is placed below a descending resistance line.

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Most recently, it caused rejection on November 2021 (red icon). Later, the price broke the $0.28 area, which has been providing support since October 2020. This led to a low of $0.12.

Interestingly, the weekly RSI touched a low of 33, which is the lowest recorded price ever.

Despite this reading, REN would need to reclaim the $0.28 area for the trend to be considered potentially bullish.

FUTURE REN MOVEMENT

crypto analyst @knicktrader Tweeted a chart of REN saying that a minor bounce is expected.

The daily chart supports the upside potential. There are three main reasons for this:

  • Price has broken above a descending resistance line
  • The daily RSI has broken above a descending resistance line (dashed)
  • The daily RSI is forming a bullish divergence (green line)

If the upward move is bullish, the nearest resistance area will lie at $0.28. This is the 0.382 Fibonacci Retracement resistance level.

Finally, the six-hour chart shows that the price has been trading inside a symmetrical triangle since May 11. It is currently very close to the resistance line of this triangle.

Consequently, a breakout above this would be expected to initiate the above bounce and confirm the interpretation of the daily time frame.

be for[in]Latest Bitcoin (BTC) Analysis of Crypto, click here

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All information contained on our website is published in good faith and for general information purposes only. Any action taken by readers on information found on our website is strictly at their own risk.


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