- The RENQ crypto price is not traded with any fiat currency.
- RenQ Finance token has underperformed Bitcoin and Ethereum.
RenQ aims to revolutionize DeFi by offering a comprehensive platform merging the benefits of centralized exchanges with decentralized solutions. Catering to traders of all levels, it introduces new asset classes and financial products while promoting accessibility, security, and user control. RenQ envisions a decentralized future for global finance.
The crypto’s market cap is trading flat, while its price has advanced by 1.84% over the last 24 hours. Also, the current market cap value of the crypto is $7.22M, and the cryptocurrency’s market cap ranking is #3560.
The trading volume of the crypto further witnessed a decline of 12.8% over the last 24 hours, resulting in a traded value of $153.229M. Also, the traded volume ranking for the crypto is #2499.
Moreover, the crypto’s volume/market cap ratio is 1.99%, and the self-reporting circulating crypto supply is 1B RENQ. Also, the total supply of the crypto is 0.00 RENQ as per CoinMarketCap.
The maximum supply of the crypto is also similar to the circulating supply, resulting in 1B RENQ, and the fully diluted market cap is $7.2M. Also, the Onchain market cap of the crypto is $7.009M. The crypto has a total of 10.8K holders per Etherscan.io, resulting in total transfers of 51.6K.
On May 22, 2023, the price of the Renq Finance token hit an all-time high price of $0.05466, and since then, the price of the crypto has declined by 86.8%. Also, the all-time low for the crypto was recorded on March 05, 2024, which resulted in a price level of $0.005089. The price of the crypto has advanced by 41% from the following level.
RENQ Crypto Technical Analysis
The RENQ token price was trading inside a falling wedge pattern for a long time, and the price of the token further failed to break above the wedge pattern. The RENQ crypto price spent some time at the lower band of the pattern and then further broke below the pattern.
The following behavior of the crypto indicates weakness in the price and the dominance of sellers in the market.’
RENQ/USDT Chart by TradingView.com
The price of the crypto is trading in a death cross of the 50-day and the 200-day EMA, while the price of the crypto has broken above the 20-day and the 50-day EMA. If the price further advances and leads to a bullish crossover in 20 and 50-day EMA, a short-term surge in the crypto’s price might be witnessed.
The MACD also exhibits bullish behavior in the daily timeframe as the MACD and the signal line trade in a golden cross. The following metrics further have advanced above the zero level.
The RSI has also advanced to the level of 59.6 from the oversold zones and has further broken above the 14-day SMA. This behavior again indicates strength in the crypto price.
Summary
Despite RenQ’s recent decline below crucial support levels, technical indicators suggest short-term bullish potential. The RENQ token price has exhibited bullish signals such as a potential bullish crossover in EMAs, a golden cross in MACD, and RSI strength. Despite this, the larger time frame indicates a weakness in the token price.
Technical Levels:
- Support levels: $0.00500 and $0.005900
- Resistance levels: $0.01400 and $0.01590
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.