REN Makes Attempt At Breaking Out Above Resistance

Share Article
In Brief
The Trust Project is an international consortium of news organizations building standards of transparency.

The REN (REN) price is making an attempt at moving above an important resistance area, a breakout above which could trigger a rapid increase.

Sponsored





Sponsored

Rapid Upward Move Has Stalled

Since the beginning of March, the REN price has been subject to a rapid upward move that culminated with a high of $0.60, reached on Sept. 1. The high amounted to an increase of 2,828% when measuring from the March low of $0.0251.

However, the price has been decreasing since.

Sponsored



Sponsored
REN Chart By TradingView

Throughout the decrease, the price has been generally trading in a range between $0.23 and $0.29. However, it has deviated below and above this range twice, on Sept. 23 and Oct. 12 respectively.

The deviation below the support area was followed by an increase towards resistance. Since the deviation above the resistance area, the price has decreased below it once more, possibly validating it as resistance. However, the price still has not lost the support of the bullish engulfing candlestick that caused the breakout.

Therefore, a look at technical indicators is required to determine whether the price will decrease towards support or continue its ascent.

REN Chart By TradingView

Breakout And Re-test

Cryptocurrency trader @Tradingroomapp  tweeted a REN chart that outlines a potential increase of 36%, which would take the price towards $0.35 and $0.39.

Source: Twitter

Since the tweet, the price has already reached the target, stalling right at the resistance area of $0.39. However, technical indicators in the daily time-frame are still bullish. All three of the MACD, RSI and Stochastic are increasing. Furthermore, the MACD has crossed into positive territory, the RSI is above 50 and Stochastic has made a bullish cross.

If the price manages to reclaim the $0.39 area, it could continue increasing all the way to $0.59.

REN Chart By TradingView

The two-hour chart supports this possibility, since the current decrease looks like a re-test of the most recent resistance area.

Furthermore, the price has already broken out from a descending resistance line, and technical indicators suggest an upward move is likely. A breakdown from the $0.34 minor support area would invalidate this possibility.

REN Chart By TradingView

To conclude, the REN price is expected to continue moving upwards towards the closest resistance area.

For BeInCrypto’s latest Bitcoin analysis, click here!

Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

Follow Author

$200 reward waiting for you — Deposit, Trade, Follow and Claim today!

Discover

Limited offer! Learn to mine and trade crypto today for free

Go