Crypto nugget: The REN is resting before it falls?

In this new crypto nugget on Wednesday, we will focus our technical analysis on: Run (REN)a protocol decentralized whose goal is to ensure thatinteroperability between different blockchains. After having had the wind in its sails in the years 2020 and 2021, the asset has experienced a sharp decline. To study the main levels and possible scenarios for the coming weeks straight away, let’s go to TradingView now!

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A current reintegration of an old range?

Price of the REN against the dollar (1W)

After a long distance periodfrom February 2018 to June 2020, REN’s price skyrocketed to subscribe a all time high at $1.84 in February 2021. Since that date, REN has never been able to reach higher price levels. From October 2020 to April 2022, the parent asset is supported. After it closed below this level, it triggered a bearish move that propelled it towards the upper end of the range.

Currently the prize is fighting for stay above the upper limite, an area where the asset can hold for some time before moving in a new direction. If the REN loses this upper bound, which is on 0.115-0.125, it will surely take the direction of its low at $0.08. For the moment it should be remembered that weekly trend is down† The REN has been digesting the decline that occurred in May for several weeks now. So let’s go to a daily chart to get a more detailed picture of the current price structure!

The REN at a key moment on a daily scale

REN rate against the dollar in daily time units - July 13, 2022
Price of the REN against the dollar (1D)

After REN’s price drop during the May 2022 flash crash, the asset went a first lateralization between 0.17 and 0.115 dollars† After the REN broke its lower bound downward, it continued its downward momentum. Now the price moves between a low of $0.08 and a high of $0.15† Until this last level is recaptured, we cannot consider bullish targets. Being knocked off the top three times shows a level where mostly the sellers appear. Orders have logically accumulated at these levels with many stop losses. So, in the context of a bearish asset continuity, the REN must liquidate sooner or later positions with a bullish fuse

Currently on the 50% Fibonaccia of the bullish move, this level coincides with the former low of the flash crash. It is therefore a technical level to look at. If this level is lost, the REN first goes to $0.103, the previous low of the daily trend. If the price closes below this level, we will have a bottom that is lower than the previous one. In this context, we can consider a decline in asset with a return to lows on 0.08† As long as there is no close below this level, we can correctly of the asset.

The REN in a Weak Position Against the King of Cryptocurrencies?

REN Price vs. Bitcoin in Daily Time Units - July 13, 2022
Price of REN against Bitcoin (1W)

What we can see is the situation the REN is in against the king of cryptocurrencies. During this year 2022 it will be active lost an important pivot area, shown in blue. The REN evolves by registering dips and falling peaks. This testifies to the downtrend strength† Very recently, the REN leaned on a support that merges with an oblique line. This allowed the asset to temporarily outperform Bitcoin and bounce off the dollar as well.

Over the past few days, the REN has had a fuse on the pivot What’s? between 835 and 910 satoshis† Currently stumbling below the February 2022 low, this is testament to the underperformance assets against bitcoin. As a result, it is highly likely that the REN will fall in the coming months. This one could easily return to the 400 satoshis zone.

Wednesday’s crypto nugget is coming to an end. You understand. The REN is in underperformance against Bitcoin and in weekly downward trend† Therefore, bullish targets are not preferred at this time. On the contrary, against the dollar it will be necessary to monitor whether the high or the low will break first. If the REN closes below 50% Fibonacci, a return to $0.08 is preferable in the coming days.

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