The price activity of the next few days will determine which direction new REN coin price predictions will go. So far, the emerging pattern on the charts favours bearish forecasts, but only if the current support gives way.
The market sentiment remains bearish, and we see bearish continuation patterns forming on several altcoin charts. Furthermore, a look at two months of daily price action on the REN/USDT pair reveals that selling volumes on down days have outstripped the buying volumes on the green days.
The REN/USDT pair has lost about 75% of its 31 March 2022 price value. The situation could worsen dramatically if the triangle resolves into a bearish continuation of the downtrend. With very little coming in the way of fundamental triggers, price action looks set to be determined by the technical pattern on the charts. The REN coin price prediction from the REN/USDT daily chart is presented below.
The daily chart shows a descending triangle, with the active daily candle now challenging the lower border of the triangle, which is formed by the 0.1332 support level (28 June 2021/27 July 2020 and 18 May 2022 lows). A breakdown of this support completes the pattern and opens the door for a measured move towards the 0.0856 support line (13 June 2020 low). However, further price deterioration takes the price towards the 0.0251 pivot, where the 16 March 2020 low resides.
On the other hand, the bearish continuation is invalidated if the price bounces on the triangle’s lower border and breaks beyond its upper border. This scenario would make the 0.2002 resistance the immediate upside target. A further advance brings 0.2456 into the picture (24 January low and 10 May high). Above this level, additional upside targets are found at the 0.3104 resistance (5 May high) and the 0.4164 resistance mark.
This post was last modified on May 26, 2022, 14:26 BST 14:26