• Renq Finance’s price has dropped by 45% in the last 3 months.
• Renq crypto price is trading below the 200-day EMA indicating the bearish trend.

Renq Finance’s price chart displays strong selling pressure and recently reached an all-time low. The RENQ crypto price has recovered 37% from its all-time low, surpassing the 20-day exponential moving average. It has declined by 83% from its all-time high, showing the sellers’ dominance.

Renq Finance’s (RENQ) price has declined by forming lower and lower lows. The chart structure displays that every time, the price fails to reach the last swing high and sellers are leading the trend further. The price has been in a bearish trend and recently recorded a new all-time low. The bearish trend was interrupted near the $0.00500 level and a short-term bullish momentum was seen.

The current market price of Renq Finance price is $0.00688 which has risen by 0.16% in the last 24 hours. The market capitalization is $6.87 million and the 24-hour trading volume is $160K. The circulating supply is 1B RENQ, the total supply is 1B RENQ and the fully diluted market cap is $6.86 million.

Renq Finance Price Technical Analysis Over Daily Timeframe

In a daily time frame, the Renq Fiance crypto price has been in a bearish trend and has witnessed selling pressure for the last few months. The price has taken support on the $0.00500 hurdle, bounced back by 34%, and extended to the 20-day exponential moving average.

suppose the RENQ price slips below the 20-day exponential moving average then the sellers may look for the support level of $0.00500. If the RENQ price melts to the $0.00500 level and bounces back then it may remain bullish for the short term. If the price fails to defend the $0.00500 mark then it will record a new all-time low.

On the other hand, if Renq Finance sustains over the 20-day EMA then it may approach the 200-day exponential moving average. Suppose the price surpasses the 200-day EMA and sustains then buyers may show interest then the price may approach the last swing high.

According to the technical indicators, the Renq Finance price is trading far below the 200-day exponential moving average indicating strong selling pressure. RSI is at 52 which has extended to the neutral zone from the oversold zone which shows that buyers are accumulating. 

Renq Finance Crypto Price Has Formed an Ascending Triangle Pattern on 4-H Timeframe

In a 4-H time frame, the RENQ price has formed an ascending triangle pattern. The price is facing resistance from the $0.00750 hurdle and taking support on a trendline. If the price slips below the trendline and sustains then selling pressure can be detected. Suppose the price starts trading below the $0.00600 mark, it may reach a new all-time low.

Alternatively, if the Renq Finance price surpasses the $0.00750 hurdle then buyers may lead the trend for the short term. But it manages to reach the $0.0100 mark, buyers may eye for the last swing high.

Conclusion

Renq Finance’s crypto price has been in a strong bearish trend and has declined by 45% in the last 3 months. It has witnessed strong selling pressure since June 2023 and has dropped by 83% from its all-time high. If the price surpasses the $0.00750 and sustains then it may approach the 200-day EMA on a daily time frame. But if it slips below the 20-day exponential moving average then the selling signal will generate and a new all-time low can be seen.

Technical Levels

Resistance: $0.00750 & $0.0125

Support: $0.00630 & $0.00500

Disclaimer

This article is for informational purposes only and provides no 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.