In this REN technical analysis, we will examine the current price action, trading volume, key levels and indicators for REN-USDT. REN is a decentralized platform that enables the creation and execution of smart contracts without the need for intermediaries. It utilizes a novel consensus algorithm called “HotStuff” which allows for faster and more secure transactions. With REN, users can easily access a wide range of decentralized applications (dApps) and services, all within a user-friendly interface.
REN Price Overview:
As of July 03, 2024, REN is trading at approximately 0.04688 USDT. Let’s dive into the detailed price action for REN-USDT:
| Metric | Value |
|---|---|
| Open (O) | 0.04857 |
| High (H) | 0.04896 |
| Low (L) | 0.04646 |
| Close (C) | 0.04688 |
| Volume (C) | 5,600,406.00 |
- Open (O): The opening price for today’s trading session was approximately 0.04857 USDT.
- High (H): REN reached a daily high of around 0.04896 USDT.
- Low (L): The daily low for REN-USDT was approximately 0.04646 USDT.
- Close (C): At the time of analysis, REN is trading near its daily close of 0.04688 USDT.
| Metric | Value |
|---|---|
| 1D Change (%) | -3.48% |
| 3D Change (%) | -5.24% |
| 7D Change (%) | -3.02% |
| 30D Change (%) | -33.88% |
| 90D Change (%) | -48.44% |
| YTD Change (%) | -33.99% |
Over the past three days, RENUSDT has dropped by approximately -5.24%, showcasing increased market volatility. Throughout the last week, it continued to decline, with a loss of around -3.02%, indicating investor interest. The 30-day analysis reveals a more comprehensive perspective, with RENUSDT maintaining a downward trend of approximately -33.88%, despite intermittent fluctuations. Examining the last 90 days, RENUSDT has witnessed substantial fall of approximately -48.44%, reflecting strong long-term confidence. Year-to-date, RENUSDT has steadily decreased by around -33.99%, attracting both institutional and retail investors and highlighting its potential as a long-term investment.
REN Live Chart:
You can access a live price chart for REN-USDT on various cryptocurrency market websites or trading platforms. These charts provide real-time data, allowing you to track price movements and indicators as they evolve.
Price Volatility and Momentum:
- Volatility score is 0.6403.
- Momentum score is -0.22512.
REN USDT Technical Analysis
REN Trading Volume:
The trading volume for REN (REN) over the past 24 hours has been insignificant, with approximately 5,600,406.00 USDT traded against REN. Elevated trading volume often indicates increased market activity and can be an essential factor to consider in technical analysis.
Moving Averages:
- 50-day Simple Moving Average (SMA): REN is currently trading below the 50-day SMA, indicating short-term bearish momentum.
- 200-day Simple Moving Average (SMA): REN is also trading below the 200-day SMA, indicating a negative long-term outlook.
Relative Strength Index (RSI):
- The RSI30 for REN-USDT is currently in the low zone, around 41.12256. This suggests that REN is in bearish territory.
Analysis from TradingView:
Our Key Takeaways:
REN (REN-USDT) is currently exhibiting signs of short-term bearish momentum, with key support and resistance levels in focus. Traders and investors should closely monitor the USDT monthly resistance level and the USDT support level for potential trading opportunities. Additionally, the low RSI and insignificant trading volume are low signals for potential downward movement.
Acknowledge potential headwinds for REN (RENUSDT) at 4.69e-02 USDT through bearish technical analysis, featuring weakened support and cautionary indicators.
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Disclaimer: The information provided herein, including any technical analysis of cryptocurrencies, is for informational and educational purposes only. It should not be considered as financial advice or a recommendation to buy, sell, or hold any cryptocurrency or make any financial decisions.
Cryptocurrency markets are highly volatile and speculative. Past performance is not indicative of future results, and there are no guarantees of profit or protection against losses. Cryptocurrency investments are subject to significant risks, including but not limited to market fluctuations, regulatory changes, and technological vulnerabilities.
Technical analysis involves the use of historical price and volume data, patterns, and indicators to make predictions about future price movements. It is a subjective and speculative approach to market analysis and should not be the sole basis for making investment decisions.