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- Ren coin price fell more than 55% in the last two months
- Ren coin market capitalization fell from $1,142,859,133 to $817,787,169 from March
- Ren/USD is currently trading at $0.81 level
REN price rallied more than 450% in the first two months of 2021, but the rejection from $1.9 led to the downfall of REN to the $0.8 level. However, this level has supported the price thrice. The fall from this level could prove very disastrous for the REN coin price. The price is below 50 EMA (yellow) and above 200 EMA (white). EMA does indicate an uptrend, but a bearish crossover could also be expected in the future.
ADX in the daily timeframe implies a loss of momentum in price movement, but a start of an upward slope is expected soon. The market capitalization of the REN Coin is $817,787,169 and the 24 hour volume is $110,240,938 (-67.43%).
Increased Momentum In Downtrend
REN coin has lost more than 55% of price in the last two months, as mentioned before. But the support from the $0.8 mark has resulted in the formation of a descending candlestick pattern. The fallout of this pattern could lead to the price below the $0.50 mark. However, a breakout possibility could also be expected, but the immediate resistance levels like $1.2 and $1.4 could disrupt the uptrend.
50 EMA and 200 EMA are stringed together for now. The price is below both the EMAs implying a downtrend in action.
ADX with increased value and a spike in slope implies a gain in momentum of the downtrend.
RSI values close to 30 indicate a drive towards the oversold zone.
Conclusion
The descending triangle pattern could be expected to sustain till April end, whereas the possibility of early breakout could bring a medium-range move of up to 10-20%. Early traders must wait till the breakout of the pattern.
