REN, an open protocol that aims at extending interoperability and liquidity between various blockchain platforms. Ren may appear as a complex platform but has lured many use cases, eliminating all the limitations for entry and investment in DeFi projects. Moreover, it was just at the onset of the previous month when REN/USD was seen hitting an All-Time High slightly below $0.600 at $0.599, while currently trades at $0.371.
Alongside, with increasing momentum against the greenback, Ren is likely to reclaim the ATH or hit a fresh soon. With this, the adaptability has amplified, and $REN active addresses hit a new high in 2020, which shows that the networkers are keen to invest in one of the top 50 global crypto market projects.
Moreover, the major drivers for an amplified number of addresses are clear and identified viz., a listing of the coin on Coinbase Pro, which has led to opening gates for trading by the US Community. Second, Ren’s collaboration with one of the smart contract platforms, Chainlink, leading to Proof of Reserve oracle.
The number of new $REN addresses has reached a new high in 2020.
Two main drivers:
1. Listing on @CoinbasePro, trading open to US community
2. Collaboration with @chainlink, Proof of Reserve oracle$LINK @renprotocol #AltsSource: @glassnode pic.twitter.com/DdTZd4aC0r
— Double-U (@DoubleU_theory) October 12, 2020
At the press time, Ren was seen trading at $0.371 with a bullish candlewick rise to reclaim the previous ATH soon or hit a fresh one, as per the current momentum and trend. The price trend of REN/USD is already seen breaching the upper BB.
$REN looks great
ATH next I think pic.twitter.com/EZ34u3wZJA
— MacroCRG (@MacroCRG) October 14, 2020
However, in the previous month, Ren price reclaimed to 30-day low at $0.169 and tested MA200 support on the 24-hour chart. Since the beginning of the ongoing month, REN regained the lost traction and strengthened by over 100% in approximately 20 days from the 30-day low. The bands appear moderately widening, and therefore, we project moderate near-term volatility.
With REN’s price, the coin has regained the lost support from MA50 at $0.308 after crossing major resistances at $0.30 & $0.35. The coin already retains MA200 at $0.185, and the MACD chart draws a bullish crossover. The RSI shows an inclination towards the overbought area but is away from hitting the extremities at 59.37.
