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REN Nears End of Bullish Trend While MATIC May Be Just Starting Its Own

2 mins
Updated by Gerelyn Terzo
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In Brief

  • REN is following a long-term ascending resistance line. There is resistance at 1,250 satoshis.
  • A golden cross has transpired in the daily time-frame. There is support at 1,000 satoshis.
  • MATIC has broken out above its 200-day MA and 250 satoshi resistance area. The next resistance levels are found at 300 and 350 satoshis.
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MATIC has just broken out from an important resistance level and could increase rapidly due to the lack of resistance above the current price level.
While REN has successfully flipped and important horizontal resistance level, its upside potential seems limited, due to the fact that it has yet to clear numerous important resistance areas.

REN (REN)

The REN price has been increasing rapidly since the beginning of May. However, the price has been following an ascending resistance line since October 2019, currently touching it for the third time and halting the monthly upward trend. The previous time the price acted in this manner, it dropped sharply shortly afterwards. However, the price has also successfully flipped the 1,000 satoshi level, which is now likely to act as support. Furthermore, the 50- and 200-day moving averages (MA) have made a bullish cross, a sign that the price is likely to continue moving upwards. In addition, while the RSI is overbought, it has yet to generate any bearish divergence. However, even if the price were to break out above this resistance line, there is strong horizontal resistance at 1,250 and 1,400 satoshis, rendering the upside potential limited.
REN Resistance Line
REN Chart By Tradingview
The possibility of a bounce and continuation of the current upward movement was also outlined by well-known trader @Devchart, who tweeted that the price could bounce above the 200-hour MA.
REN Movement
Source: Twitter
He stated that:
Barring some nasty $BTC dumps, this is the kind of retracement I usually look for in bullish moves. Bounce baby bounce
In the short-term, the price has indeed bounced on the 200-hour MA and possibly created a double bottom, but there is only a slight bullish divergence in the RSI — and significant overhead resistance. Therefore, while the price could continue increasing as long as it stays above 1,000 satoshis, the potential for considerable, rapid increases does not seem to be high.
REN Double Bottom
REN Chart By Tradingview

Matic Network (MATIC)

Another trader, @AltcoinSherpa, stated that she believes MATIC will be the one to increase, since it has already regained numerous long-term support levels.
MATIC
Source: Twitter
She believes that the next targets are found at 280 and 300 satoshis:
Insane volume coming in on the 4h, looks great. 280 and 300 are the next areas up IMO. Would consider an entry around 250 as well. Obviously really bullish.
Indeed, the MATIC price movement looks quite bullish, since the price has initially broken out above its 200-day MA and the 250 satoshi resistance area afterwards. If the price successfully validates this area as support, it is likely to continue moving upwards. Unlike REN, there is a lack of resistance overhead, with the only notable areas being found at 300 and 350 satoshis. Therefore, we could see an accelerated increase ensue for MATIC.
MATIC Price Movement
MATIC Chart By Tradingview
 
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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona 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. (I do not have a discord and will not contact you first there. Beware of scammers)
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