Get most of the REN USD price analysis with interactive analytical tools to study chart patterns. The chart references the REN USD price live from the Binance exchange.
About Ren:
Ren is an open protocol providing inter-blockchain liquidity for all decentralized applications. It allows projects to access tokens from any blockchain without having to worry about wrapping or unwrapping tokens.
This is done through RenVM which is able to instantiate a decentralized, permissionless, and trust-less custodian capable of locking assets on one chain and minting one-to-one pegged representations of them on other chains.
Helpful technical indicators to study REN USD price movement:
Technical Analysis through the use of charts or volume helps to forecast future REN USD price trends, however, do remember always that analysis can’t make absolute predictions about the future. Therefore, trade with caution.
The following are some of the technical indicators which could be useful for anticipating the most likely REN USD price movement.
Moving average convergence divergence (MACD)
MACD is calculated by subtracting the 26-period Exponential Moving Average (EMA) from the 12-period EMA. The result of that calculation is the MACD line. A nine-day EMA of the MACD called the “signal line” is then plotted in addition to the MACD line which together functions as a trigger for buying or selling an asset – REN.
Traders may buy REN when the MACD crosses above its signal line (orange line) and sell, or short, the REN cryptocurrency when the MACD (blue line) crosses below the signal line.
Another MACD strategy is to look at which side of zero the MACD lines are. Potential buy signals occur when the MACD moves above zero, and potential sell signals when it crosses below zero – Above zero for a sustained period of time, and the trend is likely up or Below zero for a sustained period of time, and the trend is likely down.
Relative Strength Index (RSI)
RSI is an indicator that evaluates overbought or oversold conditions in the price of an asset. The RSI is a line graph that moves between two extremes and has a reading from 0 to 100. Traditional usage of the RSI is that:
- RSI values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience correction in the asset – REN – USD price.
- An RSI reading of 30 or below indicates an oversold or undervalued condition.
Moving average (MA) of REN USD price
MA is the average of the closing USD price of an asset – REN over a given number of periods. The 200-day simple moving average is one of the most-watched activities in the price charts by mostly all experienced traders. There are two basic signals in relation to the moving average:
- If the price is above the X day SMA, this signals a bullish movement.
- If the price is below the X day SMA, this signals a bearish movement.
MA(50,200) Crossover
Another important signal is a crossover between the 50-day and the 200-day moving averages.
- When the 50-day Moving Average (MA) crosses above the 200-day MA, it is called a golden cross and it signals that a new bullish REN USD price trend is starting.
- A bearish crossover (where the 50-day MA crosses below the 200-day MA) is known as the death cross. This is a sign that a bear market may be starting.
On-balance volume (OBV)
OBV is another technical trading momentum indicator that uses volume flow to predict changes in the stock price. A rising price should be accompanied by a rising OBV; a falling price should be accompanied by a falling OBV.
- If OBV is rising and the price isn’t, then the price is likely to follow the OBV.
- In case the REN USD price is rising and OBV is flat-lining or falling, the price may be near a top.
- If the REN USD price is falling and OBV is flat-lining or rising, the price could be nearing a bottom.
Chart Patterns
- Head and Shoulders
- Cup and Handle (bullish)
- Triangles (Symmetrical, Ascending and Descending)
- Double top and bottom [M (bearish) and W (bullish)]
- Triple Tops (bearish) & Bottoms (bullish)