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- 1 The Renq finance asset is displaying bearish characteristics as the MACD shows a bullish crossover with a histogram at -0.0000046.
- 2 At the time of publishing, Renq Finance lost 0.36% intraday with the price at $0.006714.
RenQ Finance (RENQ) is a community-driven organization created to offer a comprehensive solution for traders of all levels within the DeFi sector.
RenQ offers benefits compared to traditional financial products by eliminating the requirement for a centralized clearing house, providing worldwide and equitable access, and allowing users to retain full control of their funds.
Renq Finance Price Technical Analysis On Daily Chart
The price action structure depicted a terrific downfall from the start of the year 2024 in RENQ Finance price by making lower lows and highs on the daily chart. It declined like a falling knife shattering all nearby support but failed to tear through the major demand zone territory on the chart and formed support at $0.005000.
On the overall chart, it fell in the past six months, and three months by 38.75%, and 36.42% respectively, highlighting a consistent downward trend. However, this month it showed some buying momentum in Renq Finance and showed a price performance of 27.95%.
Recent price shows that the Renq Finance crypto demonstrated a sign of decline again as the price sank 4.93% this week from a vital level of around $0.007500 on the chart. The RENQ crypto seems like it is ready again for fall, as it meets the resistance level and dives.
Moreover, the Renq finance asset is displaying bearishness and a falling tendency as it has started to plunge below major trend 20-day and 50-day EMA bands, reliant on the sellers’ surge could drop once again.
In the same way, the Renq finance asset is displaying bearish characteristics as MACD is showing a bullish crossover with a histogram at -0.0000046, the MACD line is at 0.000079, and the signal line is at 0.000126. Likewise, the RSI is falling smoothly as well, as it has taken a flawless rejection from the 14-SMA smoothened line on the daily chart, implying that the asset is losing momentum and can achieve new depths. Meanwhile, the RSI is at 48.61, and the 14-SMA smoothened line is at 55.07.
At the time of publishing, Renq Finance fell 0.36% and its market price is trading at $0.006714.
Therefore, if the price plunges below the nearest support level of $0.006500, the price could dip once again. On the flip side, if the buyer’s momentum surges once again from the current support level, the price could turnaround and the price could fly from the current support, and the price could head for higher levels on the daily chart and reach $0.008000, and $0.009000.
Summary
RENQ Finance has experienced a significant downtrend since the beginning of 2024, with a consistent pattern of lower lows and highs.
Despite a brief uptick this month with a 27.95% increase, the overall performance remains negative, with losses of -38.75% over six months and -36.42% over three months.
Technical indicators suggest bearishness, as RENQ is trading below key EMA bands and the MACD indicates a bullish crossover, which could be a sign of potential reversal if not for the overall bearish context. The RSI is also below the midpoint, suggesting a loss of momentum.
Currently, RENQ is trading at $0.006714, with a recent intraday loss of -0.36%. If the price falls below the support level of $0.006500, it could face further declines. Conversely, if buying momentum increases, the price could potentially rise to $0.008000 or $0.009000.
Technical Levels
Support Levels: $0.006500
Resistance Levels: $0.008000
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
