A quick look at Ren (#RENUSDT, 1D, Binance):
According to CoinMarketCap, "Ren is an open protocol built to provide interoperability and liquidity between different blockchain platforms." The token bounced back nicely at the 200 EMA during last drop and it's on a steady recovery.
Main Points
Following the recent dip, the last two daily candles have brought a +15% increase in price, confirming the $0.63 level as support. I expect price to reach previous resistance at $1.04 for a +34% profit at the time of posting.
If rejected, Fib retracement levels between $0.86 and $0.76 should offer good support. If not, $0.63 should do.
Strategy
TP1: $1.04 (I set a more conservative $1 target)
SL: n/a(*)
Additional Reading
If you want to read more about Ren on CoinMarketCap, click here.
What do you think?
Any constructive feedback and positive vibes to improve my analysis are welcome.
But if you enjoy my chart, please like, comment or follow me. :)
Thank you and Happy trading!
(*) I do not use Stop-Loss for the simply because that I do not margin trade, and I trade only assets that I do not mind keeping long-term should the price suddenly crash.
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Some of my charts represent actual trades, and some are just paper trading. Check them out!
Needless to say, this is not financial advice!
According to CoinMarketCap, "Ren is an open protocol built to provide interoperability and liquidity between different blockchain platforms." The token bounced back nicely at the 200 EMA during last drop and it's on a steady recovery.
Main Points
Following the recent dip, the last two daily candles have brought a +15% increase in price, confirming the $0.63 level as support. I expect price to reach previous resistance at $1.04 for a +34% profit at the time of posting.
If rejected, Fib retracement levels between $0.86 and $0.76 should offer good support. If not, $0.63 should do.
Strategy
TP1: $1.04 (I set a more conservative $1 target)
SL: n/a(*)
Additional Reading
If you want to read more about Ren on CoinMarketCap, click here.
What do you think?
Any constructive feedback and positive vibes to improve my analysis are welcome.
But if you enjoy my chart, please like, comment or follow me. :)
Thank you and Happy trading!
(*) I do not use Stop-Loss for the simply because that I do not margin trade, and I trade only assets that I do not mind keeping long-term should the price suddenly crash.
------------------------------------------------------
Some of my charts represent actual trades, and some are just paper trading. Check them out!
Needless to say, this is not financial advice!
Trade closed: target reached:
That was a nice spike! Exited as planned and good +34% profit taken!
Great volume. Let's see now if resistance turns into support. If so, REN will likely move higher.
Great volume. Let's see now if resistance turns into support. If so, REN will likely move higher.
