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$0.0792 was the Support price level at which the aggressive bearish trend was cut short on November 9. But because the downtrend was still forceful, the support level shifted slightly to a lower level. It was at this new support level that the Ren market went flat with a very narrow space between the demand level and the supply level. With the opposing forces matching against each other, there was no clear direction for the market.
Ren Market Price Statistic:
- REN/USD price now: $0.0988
- REN/USD market cap: $$104,402,071
- REN/USD circulating supply:999,037,500.36
- REN/USD total supply: 1,000,000,000
- REN/USD coin market ranking: #172
Key Levels
- Resistance: $0.1156, $0.1500, $0.1700
- Support: $0.0733, $0.0543, $0.0405
Ren Market Price Analysis: The Indicators’ Point of View
The strong support price level that held up the aggressive bearish move is the $0.0733 price level. For a couple of days, the market went flat due to heavy bearish pressure and a strong support level. The bulls began to gain an upper hand on November 24 as the volume of trade begins to increase. Due to the appearance of the bullish momentum candle in today’s market, the Bollinger bands began to contract as the bullish price now comes up above the 20-day moving average which means bulls are catching up with the bears. The bullish momentum according to the Relative Strength Index measure 56. And this is in the bullish zone.
REN/USD 4-Hour Chart Outlook
From this outlook, we already have a trending market as the market now moves significantly in an upward direction. However, the bull market needs to deal with resistance at the $0.10 price level. According to the RSI, the market is now in the overbought territory. Some traders may want to go short on their position at this level. But if the buyers could maintain a bullish price, the trend can continue.
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