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• REN worth may very well be prepared to interrupt out from the downtrend as worth gears up for a short-term restoration creating extra bullish sentiment.
• REN seems robust on each high and low timeframes. 
• The worth of REN breaks out on the every day timeframe after forming an descending triangle.

Ren Protocol (REN) has lately proven nice restoration after some setbacks as the worth has remained downtrend towards tether (USDT). Previous weeks within the crypto area have been gradual, with most altcoins and main cryptocurrencies reminiscent of Bitcoin (BTC) transferring in a variety. The month seems promising, with altcoins reminiscent of Ren Protocol (REN) bouncing off their lows with hopes of a rally with the present development shift. (Data from Binance)

Ren Protocol (REN) Price Analysis On The Weekly Chart

The new month has been a reduction for many crypto initiatives, with altcoins reminiscent of REN displaying bullish energy and BTC main the market rally from a low of $18,800 to $20,100. With the market trying extra promising for crypto property, we might even see extra cryptocurrency restoration, because the earlier month prevented main altcoins from rallying.

In latest weeks, the worth of REN has not proven the identical energy as seen in different altcoins reminiscent of Cosmos, because it has continued to fall to its weekly low of $0.1.

Following a rally from a low of $0.1 to a excessive of $0.11, the worth of REN was rejected as a result of it couldn’t break above $0.11, performing as resistance to the worth of REN and the world of provide.

Since then, the worth has struggled to search out help, falling to a weekly low of $0.1, forming a very good help zone with what seems to be a requirement zone for extra purchase orders.

The worth of REN remained on this $0.11 vary earlier than breaking out following a bullish weekly shut, with the worth trying extra bullish for the week.

Weekly resistance for the worth of REN – $0.1.

Weekly help for the worth of REN – $0.15.

Price Analysis Of REN On The Daily (1D) Chart

On the every day timeframe, REN’s worth stays bullish, flipping the resistance at $0.11 and holding above this area with good quantity as the worth targets $0.14 creating extra bullish sentiment after breaking out of descending wedge.

REN is at present buying and selling at $0.12, with the worth holding above the 8 and 20-day Exponential Moving Averages (EMA) after breaking via resistance on this area. The worth of $0.116 corresponds to the 8 and 20-day EMAs of REN.

Daily resistance for the REN worth – $0.14

Daily help for the REN worth – $0.11.

Featured Image From Coingape, Charts From Tradingview