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