Home Crypto News Ren Corrects After Hitting Resistance Around $0.49

Ren Corrects After Hitting Resistance Around $0.49

4 min read

Ren (REN) value rose 25% on Sunday to hit highs of $0.493 as energetic addresses additionally jumped to a seven-day excessive

Ren’s native token, REN, is going through elevated downward strain and has not been in a position to maintain the upside momentum seen over the weekend.

The cryptocurrency surged by greater than 25% in 24 hours as bulls rallied to hit $0.493. Trading on Monday has been characterised by a sequence of decrease highs, shifting costs additional away from the native high.

As of writing, the altcoin is buying and selling at round $0.369, down almost 18% since hitting the brand new excessive.

Ren’s contradictory elementary indicators

According to Santiment, the 25% value surge for REM/USD since Sunday is a part of a breakout that “coincides with a 7-week high in both daily active addresses and social volume”.

The analytics agency means that merchants want to observe the market keenly because the DAA and social quantity metrics supply “contradictory” indicators. The day by day energetic deal with is an indicator that drives value, in distinction to the social volumes metric that has usually indicated an asset’s native tops.

Chart exhibiting Ren’s day by day energetic addresses hit the best stage in seven weeks. Source: Santiment

The pair can also be buying and selling under the 10-day easy shifting common at $0.38, with the Relative Strength Index (RSI) pointing decrease in the direction of bearish management.

As such, REN/USD may battle to interrupt resistance round $0.40. The doubtless state of affairs is {that a} continued reversal takes the pair again to lows of $0.33 of the swing excessive to $0.493. The fast assist stage lies on the 50-day easy shifting common round $0.345.

REN/USD value 1-hour chart. Source: TradingView

An extended-term view for the token exhibits that REN stays constructive, however bulls should maintain costs above $0.33. This is the world that supplied the most important assist on the uptrend to costs simply shy of $0.50.

ChainLink and Monero amongst day’s greatest gainers

Several altcoins had an ideal weekend to reflect BTC/USD rallying to highs of round $10,500. However, as the highest crypto hit consolidation, most of the tokens have continued to rally larger.

ChainLink (LINK) is up almost 12% as bulls look to interrupt above $12.00, whereas Binance Coin (BNB) joins privateness cash Monero (XMR) and Zcash (ZEC) in posting double-digit positive aspects prior to now 24 hours.

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