Ren Corrects After Hitting Resistance Around $0.49

REN climbed 25% over the weekend, hitting $0.493. Active addresses jumped to their highest level in a week. The rally failed to hold. By Monday, the coin had slipped to $0.369, a drop of 18% from the

By Aubrey Swanson·12 October 2020·1 min read

Ren Corrects After Hitting Resistance Around $0.49

Key Points

REN climbed 25% over the weekend, hitting $0.493.
Active addresses jumped to their highest level in a week.
The rally failed to hold.

REN climbed 25% over the weekend, hitting $0.493. Active addresses jumped to their highest level in a week. The rally failed to hold. By Monday, the coin had slipped to $0.369, a drop of 18% from the peak.

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According to Santiment, the weekend surge corresponded with a 7-week high in both daily active addresses and social volume. But the metrics sent conflicting signals. Daily active addresses rise alongside price increases, while social volume surges near a move's peak.

The token trades beneath its 10-day moving average of $0.38. The RSI shows bearish pressure. Bulls face resistance near $0.40. Traders should monitor whether REN retreats to $0.33, the level where it found support before the earlier climb toward $0.50. The 50-day moving average offers another floor near $0.345.

Looking ahead, bulls need to hold $0.33 for trends to remain bullish over the medium term. That level held throughout the entire advance.

Other altcoins extended their weekend gains after Bitcoin climbed to around $10,500. Once Bitcoin consolidated on Monday, other tokens kept pushing higher. ChainLink gained 12%, approaching $12 resistance, while Binance Coin, Monero, and Zcash each posted double-digit gains over 24 hours.

MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.

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