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- 1 Buyers are trying to breach the key EMA support levels.
- 2 Renq Finance Price is trading below the key moving averages showcasing bearishness.
RenQ is a collective initiative aimed at unifying the trading experience within the DeFi sphere through a singular, all-encompassing platform. It strives to endow users with an integrated solution that transcends the offerings of traditional centralized exchanges.
RenQ’s vision is to render a holistic service suite that caters to traders of every stripe, from beginners to experts. Presently, newcomers gravitate towards centralized exchanges for their simplicity. Yet, the RenQ wallet introduces these users to the advantages of centralized platforms coupled with the autonomy of a decentralized framework.
RenQ is instrumental in forging novel asset categories anchored in blockchain technology. It facilitates advanced financial instruments like derivatives and margin trading, enhancing investors’ ability to manage their portfolios effectively and unlocking new prospects for speculation.
Furthermore, it contributes to the market’s efficiency concerning blockchain-based assets by aiding in price determination and allowing for more intricate assessments of price trends and volatility.
Technical Analysis of RENQ Finance
The Renq Finance crypto price is in the bearish region and has displayed bearish moves in the past sessions. Furthermore, the cryptocurrency is struggling to surpass the key moving averages and is heading in a downward direction. The crypto has declined over 000% this month, demonstrating the bearishness in recent sessions.
At press time, the Renq Finance crypto price was trading at $0.007157 with an intraday gain of 1.78%, indicating bullishness in the session. It has a weekly negative return of 0.11% and -41.59% yearly. It has a market cap of $6.94 Million. Indicators are bearish and suggest the RENQ price will attain lower levels in upcoming sessions.
The relative strength index (RSI) reflected a neutral perspective on the price momentum. RSI is moving at 58.24 above the 50-mark middle band. Renq Finance Crypto is showing signs of weakness as it trading below the key EMAs.
The current situation requires traders and investors to remain calm and wait for a clear break above or below the range before taking any actions, and to avoid the fear of missing out in order to reduce losses.
The price currently needs significant support from buyers to make a comeback, as it is facing major resistance from previous resistance points and multiple moving average levels. Buyers seem to be taking control of the price movement, as indicated by the candlestick patterns.
Summary
Renq Finance’s price prediction stays bearish for the long term till it trades below key EMA levels. However, If prices buyers support it may bounce back. The technical analysis suggests that the RENQ crypto price is inside the bear’s control. But if the overall market recovers then buyers may try to push the price toward the upper level.
Technical Levels
Support Level: $0.007636.
Resistance Level: $0.005206.
Disclaimer
It’s important to note that the views and opinions presented in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading stocks carries inherent risks, and readers should conduct their research before making any financial decisions.
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.
