The Ren price has undone all progress made during the Covid pandemic as demand for digital coins retreated. The token is trading at $0.1285, which was the lowest level since June 2020. It has crashed by more than 93% from its all-time high. This plunge mirrors other coins like Bitcoin and Ethereum that have sold off dramatically this week.
Ren is a leading blockchain project that helps move value between multiple blockchains like Ethereum and Solana. According to its website, the total amount of volume transacted via RenVM rose to more than $11 billion. At the same time, the value of all assets minted across the RenVM platform is worth more than $403 million. Additionally, the Darknode APY currently stands at about 19.15%.
In a statement this week, the developers wrote that they had already deployed RenBridge V3 Mainnet. The current deployment is a small number of users, with the real rollout expected to happen later this month. The Renvm has also started to support Moonbeam and Kava.
However, the positive developments have not made it immune to the current collapse of Terra. Indeed, the collapse came just a month after the network added gas optimization for $LUNA transactions. This addition led to 44x cheaper gas costs. With LUNA’s collapse now in motion, there is a likelihood that Ren will be affected.
The weekly chart shows that the Ren price has been in a spectacular decline in the past few days. The decline happened when the coin’s price formed a double-top pattern at $1.27. This is one of the most dangerous patterns for bulls. Now, the coin has moved below the important chin at $0.2750. It has also moved below the 25-day and 50-day moving averages, while the True Strength Index has moved below the neutral level.
Therefore, the coin will likely keep falling as bears target the key support level at $0.056. This price matches the distance between the top and lower chin. Therefore, the stop-loss of this trade will be at $0.2750.
This post was last modified on May 12, 2022, 08:32 BST 08:32