- Coinbase Pro has opened deposits for Ren ahead of the trading on October 6.
- Ren rallied to levels above $0.30 after the listing news, but a retreat is underway.
Ren pulled through with the uptrend that stalled at $0.25 mid this week. The altcoin made a blissful run above $0.30 but started to retrace, marginally below $0.31. In the meantime, the token has dived under $0.30 and is exchanging hands at $0.25. Bears seem to be gaining traction with a revisit to the 100 Simple Moving Average in the offing.
Coinbase adds trading support for Ren
The bearish outlook outlined in the price analysis on September 30 was invalidated following news that Coinbase Pro listed REN for trading. According to the blog post on October 1, REN "will be available in all Coinbase's supported jurisdictions, with the exception of New York State and the U.K." Deposit into the Coinbase Pro accounts has already been opened ahead of the trading, scheduled to begin on October 6 but only "if liquidity conditions are met." Initially, REN/USD and REN/BTC will be the only supported trading pairs.
Ren resumes the downtrend
The news regarding listing on Coinbase mainly fueled ren uptrend. As the information settled, a retracement lurked on the horizon. For instance, the token was rejected at the ascending parallel channel upper boundary. The retreat is highlighted by the Relative Strength Index (RSI) after hitting a wall at the overbought area. Declines are likely to continue as long as the RSI remains in the downtrend towards the midline.
REN/USD 4-hour chart
On the downside, the channel's middle boundary is in line to offer support. However, if the support is shattered, we can expect the bearish leg to extend to the 100 Simple Moving Average (SMA) or $0.22. REN could revisit the channel's lower boundary and the 50 SMA before a significant reversal comes into the picture.
IntoTheBlock's IOMAP model reveals a relatively smooth ride to the crucial resistance between $0.29 and $0.30. Previously, 241 addresses purchased approximately 21 million REN in this range. The zone could absorb the buying pressure, but if it is flipped into support, Ren will gain traction to levels above $0.31.
Ren IOMAP chart
-637372223685849937.png)
On the flip side, Ren is resting on areas with immense support. The strongest of the multiple support zones lie between $0.25 and $0.26. Here, around 100 addresses previously purchased nearly 40 million REN. This zone's buying pressure is likely to cushion REN from plunging further and even set it on a recovery path.
The number of new addresses joining the network is also on an uptrend based on on-chain data by IntoTheBlock. Since September 29, new addresses joining the network have surged from 95 to 339. The number is likely to grow amid the listing on Coinbase. The increase can be considered as a significant bullish sign for REN in the near term.
Ren new addresses chart
-637372224075243803.png)
Looking on the other side of the fence
The selling pressure is not unique to Ren seems to be rampant in the cryptocurrency market. Ren rallied following the news that Coinbase Pro will be supporting the buying and selling of two pairs; REN/USD and REN/BTC. If the trading starts on Tuesday as scheduled, the crypto could revive the uptrend. Moreover, if REN holds above the channel's middle boundary, the bearish outlook could be invalidated. A move that could see bulls shift the focus back to $0.30.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.