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- 1 The overall chart shows a consistent downward trend, with recent declines leading to a potential further fall.
- 2 MACD and RSI indicators suggest a bearish movement, with the price currently trading at $0.005784.
RenQ Finance (RENQ) was established to provide traders of all levels within the DeFi sector with a complete solution. It is driven by the community.
RenQ is an alternative to traditional financial products as it does not require a centralized clearing house, offers worldwide and fair access, and enables users to maintain complete control of their funds.
Renq Finance Price Technical Evaluation On Daily Chart
From the beginning of 2024, RENQ Finance’s price displayed a significant drop in its price structure, with the daily chart forming lower lows and highs. The decline was sharp and sudden, breaking all nearby support levels. However, it did not breach the major demand zone territory and eventually found support at $0.005000.
On the overall chart, it fell in the past six months, three months, and one month by -49.17%, -33.26%, and -13.81%, respectively, highlighting a consistent downward trend.
The Renq Finance crypto has shown a decline in recent times, with the price dropping by 13.48% this week from a significant level of around $0.007500 on the chart. The RENQ crypto appears to be headed for another fall as it encounters resistance and plunges.
The Renq finance crypto asset is currently showing a bearish trend and a tendency to fall. It has started to drop below the 20-day and 50-day EMA bands, which are both major trends. It is possible that the sellers’ surge could cause it to fall again.
In the same way, the Renq finance asset is displaying bearish characteristics as MACD is showing a bearish crossover with a histogram at -0.000118, the MACD line is at -0.000212, and the signal line is at -0.000095. Likewise, the RSI is at 33.84, falling smoothly as well, as it has taken a flawless rejection from the 14-SMA smoothened line at 43.70 on the daily chart, implying that the RENQ asset is losing momentum and can achieve new depths.
Renq Finance fell by -2.92% at the time of publishing, and its market price is trading at $0.005784.
In the event that the price falls below $0.006500, the price may decline further. Alternatively, if buyers regain momentum from the current support level, the price could reverse and rise from this level. This upward momentum could continue, resulting in the price reaching higher levels on the daily chart, such as $0.008000 and $0.009000.
Summary
RENQ Finance’s price has seen a significant drop since the beginning of 2024, forming lower lows and highs on the daily chart. Despite breaking support levels, it found support at $0.005000. The overall chart shows a consistent downward trend, with recent declines leading to a potential further fall.
MACD and RSI indicators suggest a bearish movement, with the price currently trading at $0.005784. If it falls below $0.006500, further decline is possible, but a reversal could occur if buyers gain momentum from current support levels, potentially leading to higher prices on the daily chart.
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.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
