- REN/USD is holding above the 50 SMA initial support following a breakout above a descending parallel channel.
- Ren leads DeFi projects in recovery, aiming for $0.30.
Decentralized finance (DeFi) tokens such as Ren, retreated massively in September as discussed in the Ethereum price forecast. The sector offered alternative and diversified investment options to Bitcoin and other major digital assets. The tremendous support saw tokens rally by over 100% with some selected assets like Yearn.finance hitting all-time highs of $44,000.
Ren also experienced massive growth from March 2020, hitting all-time highs of $0.6 on September 1. Unfortunately, its woes started, leading to losses towards $0.1. Support established at $0.16 allowed the bulls to regain control over the price. However, attempts to go back to the yearly highs have been thwarted by the bearish wave cruising mainly in the DeFi ecosystem.
At the time of writing, Ren is doddering at $0.26 after rallying over 10% in the last 24 hours. The token is among the most-improved digital assets in the market. The 4-hour chart illustrates a breakout from a descending parallel channel. The price is also holding above the 50 Simple Moving Average (SMA).
REN/USD 4-hour chart
The Relative Strength Index (RSI) emphasizes the growing bullish grip following a vivid recovery from levels near the oversold. As the RSI grinds closer to the overbought, the buy orders are bound to increase, creating more volume that will support the uptrend in the near term.
Resistance is anticipated at $0.28 and $0.30, respectively. Once these two hurdles are flipped into support levels, the journey back to the all-time high will gain traction. On the downside, support at the 50 SMA is key to the uptrend. Other key levels to keep in mind include the 100 SMA, $0.24, and $0.22.
Ren Intraday Levels
Spot rate: $0.26
Percentage change: 0.38%
Relative change: 0.26