REN’s Weekly RSI Drops to Lowest Ever Level as Price Hits New Yearly Low


REN’s Weekly RSI Drops to Lowest Ever Level as Price Hits New Yearly Low #RENs #Weekly #RSI #Drops #Lowest #Level #Price #Hits #Yearly Welcome to JustOnlyNews Weblog, right here is the brand new story now we have for you in the present day:

REN has proven a number of bullish indicators on the day by day time-frame, and it’s attainable that the value will provoke a powerful bounce as a consequence.

REN has been falling since reaching an all-time excessive worth of $0.89 on Feb. 2021. The downward motion has been contained beneath a descending resistance line. 

Most just lately, it induced a rejection on Nov. 2021 (purple icon). Afterward, the value broke down from the $0.28 space, which had been offering help since Oct. 2020. This led to a low of $0.12. 

Curiously, the weekly RSI reached a low of 33, which is the bottom ever recorded worth. 

Regardless of this studying, REN has to reclaim the $0.28 space to ensure that the development to probably be thought-about bullish.

Future REN motion

Crypto analyst @knicktrader tweeted a chart of REN, stating {that a} small bounce is predicted.

The day by day chart helps the potential of a bounce. There are three predominant causes for this:

The worth has damaged out from a descending resistance line The day by day RSI has damaged out from a descending resistance line (dashed)The day by day RSI has generated bullish divergence (inexperienced line)

If the upward motion accelerates, the closest resistance space could be at $0.28. That is the 0.382 Fib retracement resistance degree.

Lastly, the six-hour chart exhibits that the value has been buying and selling inside a symmetrical triangle since Could 11. It’s at present very shut to the resistance line of this triangle. 

In consequence, a breakout above it could be anticipated to provoke the aforementioned bounce and ensure the interpretation of the day by day time-frame.

For Be[in]Crypto’s newest bitcoin (BTC) evaluation, click on right here

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