- REN token price action undergoes the bullish engulfing candlestick formation in the weekly chart.
- The increased bullish volume in the weekly chart indicates intense buying pressure.
- The REN/BTC market is currently trading at 0.00002059 BTC with an intraday gain of 5.20%.
REN token price has increased more than 36% in the past week resulting in the long-bodied bullish candlestick formation. The price rests below the $1 mark, but the possibility of reaching the $1.4 level is high.
REN token price is trading at a significantly higher level than all the important EMAs. A surge in bullish market interest is evident by the fact that the weekly trading volume (68M) is significantly higher than the (39M) 20-weeks MA.
The REN Token price currently trades at $0.9992, increasing +7.48% in market capital during the last 24 hours, which suggests a rise in underlying bullishness.
REN intraday trading volume rose by around 10%. This indicates a slight uptake in REN buyer’s demand.
An Expanding Channel For REN Token Price
REN Token prices trend higher with increasing bullish pressure and long bullish engulfing candlesticks inside the diverging parallel channel. In addition, the support from the 20-days EMA provides content demand that has been pushing the prices higher.
RIS indicator projects a rise in underlying bullishness as the slope of the RSI indicator rises higher.
The ADX line continues to escalate higher, which is a sign there is a growing trend.
Conclusion: REN token has encountered tremendous progress in price since the breakout of the falling-channel pattern. Investors could find entry spots at 20-period EMA to increase their buying volume.
Support: $0.70 and $0.50
Resistance: $1.4 and $2