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

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.

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.

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