Bitcoin
BTC$58 559.96

2.38%

Ethereum
ETH$3 156.41

2.82%

Tether
USDT$1.000241

-0.03%

Binance Coin
BNB$537.43

2.76%

Solana
SOL$140.11

3.37%

USD Coin
USDC$1.000019

-0.03%

Ren Takes a Breather After a Rally


August 2020

If there is a cryptocurrency that can be dubbed as a major participant in the current partial altseason, that would definitely be Ren (REN), the ERC-20-compliant coin that has just hit the all-time high at $0.19. Right now, REN’s yearly price gain stands at triple digits: 157% against USD, 182% in the BTC market, and 135% in the pair with Ethereum.

The reason behind such astounding success lies in the recent launch of the Ren VM mainnet, that should bring the interoperability in the space of decentralized finance (DeFi) to a new level. The mainnet launch took place on May 26 and served as a prerequisite for an explosive 138% rally in 33 days that took REN to the said all-time high.

REN all-time chart

With REN being undeniably bullish, traders should think about employing the tactics that would allow them to ride the trend till its very peak. Although determining that point of climax would constitute a complicated task since there is no distinguishable level of resistance, except for the all-time high itself, which, by the way, is only 14% away from Ren’s current value at $0.169.

A trend continuation or a correction?


The REN price analysis on the weekly chart tells us that the bullish momentum must have come to the point of exhaustion, judging from the direction of the 14-period RSI that had already bent down after going overbought beyond 80 in response to the formation of what appears to be the bullish flag on that time frame, although that could also come as the initial stage of correction. 

Weekly REN/USDT chart

The trading volume profile reveals that the bulls were stopped in their tracks even before the price touched $0.2 as the volume began to decrease a week prior to the resistance test, so there is no doubt that the price will henceforth travel to the downside. A large lower wick on this week’s candle signifies that the bulls are actively resisting the pressure; therefore, the next week could open above $0.18 with none of the sides being able to grab the initiative, and the price action will translate to a spinning top bearish candle with the open at $0.18 and close at $0.169.

A lot will depend on the behavior of the MACD indicator that remains expressively bullish as its signal line has just crossed the overbought extreme at 0.03, although there are still no signs of the forthcoming crossover that will amplify the bearish momentum. At this point, traders should approach this market carefully and expect moderate losses on the part of REN in the next three weeks.

REN retraces against Bitcoin


REN has also been making great strides in the Bitcoin market, having gained 137% over the past month. But it appears that the bull rally has run its course as two major indicators signal the commencement of a short-term bearish phase.

1-day REN/BTC chart

We see that the price has broken the rising channel to the downside with the aim to establish the horizontal range between 1,957 satoshis and 1,779 sats. Both MACD and RSI are hinting at the price decrease, with RSI also showing a bearish divergence.

All in all, we predict the short-term appeasement in both USDT and BTC markets that will lead to more bullish price action in August.

Author: Alex Paulson for Crypto-Rating.com

Related

Ren (REN): Symmetrical Triangle on the Macro Level
Ren (REN): Symmetrical Triangle on the Macro Level
Ren (REN) Gets Back to Square One
Ren (REN) Gets Back to Square One
Ren Can't Stop Making Gains in June 2020
Ren Can't Stop Making Gains in June 2020
Ren (REN): Bullish Divergence Holds a Promise of Uptrend
Ren (REN): Bullish Divergence Holds a Promise of Uptrend

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 71.6% 50 $58 559.96 2.38% 3.21% $1 154 812 960 642 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 73.2% 47 $3 156.41 2.82% 4.94% $379 442 663 912 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $1.000241 -0.03% 0.02% $112 444 486 409 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 75.6% 47 $537.43 2.76% 4.65% $79 314 835 366 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 84.8% 29 $140.11 3.37% 0.90% $65 005 204 945 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 91.2% 1 $1.000019 -0.03% 0% $33 921 359 438 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 80.4% 29 $0.511133 8.39% 17.32% $28 523 946 602 XRP 7 days price change
8 Toncoin (TON) TON Toncoin predictions 82.4% 25 $7.35 1.77% -2.59% $18 430 033 618 TON 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 75.6% 52 $0.109656 3.69% 0.23% $15 910 785 300 DOGE 7 days price change
10 Cardano (ADA) ADA Cardano predictions 79.6% 33 $0.420572 5.61% 17.72% $15 090 547 161 ADA 7 days price change
11 TRON (TRX) TRX TRON predictions 77.6% 41 $0.139302 1.97% 7.58% $12 137 253 382 TRX 7 days price change
12 Lido stETH (STETH) STETH Lido stETH predictions 95.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 74.8% 55 $25.81 3.07% 0.18% $10 180 113 573 AVAX 7 days price change
14 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 92% 1 $0.116354 -0.46% 0.23% $10 171 995 609 WTRX 7 days price change
15 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 92% 1 $65 806.83 0.78% -2.68% $10 083 957 608 WBTC 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2024 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.