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- 1 The RENQ price continued to fall, depicting a selloff on the charts.
- 2 Buyers have lost their momentum and look trapped.
The Renq Finance token (RENQ) price delivered a sharp follow on selling momentum and has made a fresh low of $0.005000 this month. However, after the neckline breakdown of $0.006000, a rebound was noted, and the token has retested the 20-day EMA mark this week. Additionally, the selloff has now noted a pause, and bulls are putting in efforts and are looking for a significant reversal.
At press time, the Renq Finance token (RENQ) price was trading at $0.006764 with an intraday drop of 2.41%, reflecting bearishness on the charts. It has a monthly return ratio of 4.29% and -65.67% on a yearly basis. The pair of RENQ/BTC is at 0.000000105 BTC, and the market cap is $6.78 Million. Analysts are neutral and suggest the RENQ price may face consolidation and will retest the support zone of $0.006000 soon.
For the past weeks, the RENQ price has continued to form a lower low swing and has dropped over 55% in the last month. Additionally, the trend is bearish, and the token may face further selloff in the upcoming sessions. Investors need to keep an eye on the $0.006000 mark; a fresh down move toward $0.005000 can be anticipated below.
RENQ Technical Analysis
On the daily charts, the RENQ token price signifies seller dominance and is riding on the bearish track, delivering the lower top and lower bottom swings for the past weeks. Additionally, the token has persisted in facing rejection from the falling trendline barrier and is declining in gains.
The Relative Strength Index (RSI) curve stayed in the oversold region, showing a negative divergence on the charts. Furthermore, the trend favors the bears, and the token may continue to erode the gains. Additionally, the MACD indicator shows a bearish crossover and suggests underperformance for the following sessions.
Per the technicals, the Renq Finance token price may face rejection near its prompt hurdle of $0.007000 and will continue to head downwards shortly. The price action shows that every bounce was converted into a dip, and the sellers were persistent in pushing the token, which created pressure on the bulls.
Summary
The RENQ token price has rebounded and retested the 20-day EMA mark, signifying a downtrend on the charts. Furthermore, the trend shows sellers’ dominance, and the token may persist in dragging the gains for the following sessions.
Technical Levels
Support Levels: $0.006500 and $0.006300
Resistance Levels: $0.006900 and $0.007100
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
