Taiyang Zhang and Loong Wang founded the cryptocurrency named Republic Protocol in 2017, which was later rebranded as Ren in 2019. Its purpose is to incentivize the process of transferring existing assets, along with the new ones, across different blockchains. Let us look at the technical analysis of REN.
<h2><b>Past Performance</b></h2>
The price opened at $1.16 seven days ago on 5th October 2021. There was a <a href="https://www.cryptoknowmics.com/news/ren-technical-analysis-price-has-been-consolidating-now-below-second-fibonacci-pivot-point-of-1-22/">downtrend across the week</a>, and the price closed yesterday at $1.02. There was an overall change of -12.06%.

<img class="tv-snapshot-image" src="https://s3.tradingview.com/snapshots/q/qo9ARmxN.png" alt="TradingView Chart" />

Source: <a href="https://www.tradingview.com/x/qo9ARmxN/">https://www.tradingview.com/x/qo9ARmxN/</a>
<h2><b>REN Technical Analysis
</b></h2>
The price is continuing to go down. The downtrend is continuing even today, and the price is expected to reach the support of $0.9 soon.

Currently, REN is trading at $0.99, which is 2.26% down from yesterday. The traders may consider taking a short position as the price is likely to fall at least to the support level of $0.90.

<strong>OBV</strong> is showing that the buying and selling pressures are balanced. This is a neutral signal, and hence there is no clear call.

<strong>RSI</strong> is very close to equilibrium for the last few days. Currently, it is at 49.04%. This is again a neutral signal.

<strong>MACD</strong> is showing that the fast line has crossed the slow line and is now below it. Also, both the lines are heading towards the negative region and the gap between them is increasing. This is a strong bearish signal, confirming last week’s downtrend as well. Traders may take a short position.
<h2><b>Day-Ahead and Tomorrow</b></h2>
<strong>Fib Retracement</strong> shows that the chart has gone below the <strong>fib support</strong> at $1.04. REN is now expected to reach the support at $0.95. If the price goes below this level, the traders may exit the market.

Thus, <strong>RSI and OBV</strong> are showing neutral signals, whereas MACD is showing a strong bearish signal. Traders may take a short position by placing a stop loss at $0.9. However, after reaching the support at $0.9, the trend may reverse itself.

REN Technical Analysis: Price Continues to Go Down, Expect to Reach Support at $0.9

REN Fib Retracement shows that the chart has gone below the fib support at $1.04. It is now expected to reach the support at $0.95. If the price goes below this level, the traders may exit the market.Thus, RSI and OBV are showing neutral signals, whereas MACD is showing a strong bearish signal. Traders may take a short position by placing a stop loss at $0.9. However, after reaching the support at $0.9, the trend may reverse itself.  

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.

REN Technical Analysis: Price Continues to Go Down, Expect to Reach Support at $0.9

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