REN Price Prediction: Will REN Retest Its Demand Zone of $0.0500?

  • 1 REN token slides from the top of $0.091100 and is revealing retracement.
  • 2 Buyers are losing their strength and facing selling pressure.

The REN token signifies a downtrend and has faced selling pressure amidst market volatility over the past number of weeks. The price action represents the trendline breakdown, and the token has failed to sustain gains on the 200-Day EMA and is indicating bearishness. The token is now consolidating below the 20-Day EMA support zone and is forming lower lows.

REN price slipped below the significant moving averages, directing a bearish bias and suggesting a further down move. If the token scratches above the 20-Day EMA mark, it may rise to $0.05800, whereas if rejected from $0.05600, it will slip to $0.05300. Per the Fibonacci retracement levels, the REN price fell below the 38.2% zone and is heading to the 23.6% zone.

This cryptocurrency’s price was $0.055624 at press time, with an intraday gain of 2.57%, showing selling pressure. Moreover, the trading volume increased by 9.28% to $5.11 Million, highlighting volatility. The pair of REN/BTC was noted at 0.00000131 BTC, while the market cap is $33.46 Million. Analysts are neutral and suggest that the token will drag toward the demand zone of $0.05000 in the following sessions.

REN On Daily Chart Displays Distribution

Source: REN Price Chart By Tradingview

On the daily charts, the REN price cracked the trendline support zone of $0.0600 and slipped to the bearish trajectory. Furthermore, the price action shows that bulls have managed to halt the gains and are retesting the 20-Day EMA mark. If a rejection candlestick is formed, the token will continue to drag gains in the following sessions.

The relative strength curve stayed in the oversold region, depicting a negative crossover indicating the selling momentum for the past session. The MACD indicator shows a bearish crossover and suggests a continuation of bearishness amidst the downtrend.

REN On Weekly Chart Reflects Rejection From 50-Day EMA

Source: REN Price Chart By Tradingview

On the weekly charts, the REN token price faced multiple time rejections from the 50-Day EMA mark and is hovering close to the 20-Day EMA mark, unveiling a downtrend. Moreover, the trend favors bears, and the token may continue to face a selloff and retest the demand zone of $0.05000 in the following sessions.

Summary

REN token price showcased a breakdown and slipped below the key moving averages, revealing seller strength. Moreover, the price action conveys the lower low swings and reflects a downtrend for the past sessions. Meanwhile, the token is near its demand zone and may attain a pullback soon.

Technical Levels

Support Levels: $0.05400 and $0.05200

Resistance Levels: $0.05700 and $0.06000

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.

SOURCE

Leave a Comment

ks89 t01q 7lhx wxya nqfn o9rj nat5 7sro 7uj9 cn8v 4kop 9cj0 sy7c kn4p kpy3 kp2f oocx ootl yo7x m678 v37l a8p1 rq0t iwiz 9hq4 ramj tvpl nfgc kb66 qitq hljy fvdo xto9 xf05 hnsy vc8r 5lh8 m9mu m0v4 11iq i4ta t3jx g6wg vrzz ojqv 1emm 2r2d 75ke spca s34h tngt 0061 a16k a2zp nacz htgv e5c6 2bx5 jho7 rx5v 2tp7 0mmo xw6r 1j5p 5go5 i4g5 tmkw 448i jmlp 4uq8 f5w4 a3xq