RenQ is a community-led organization that was created to give a one-stop solution for all kinds of traders under one platform in the DeFi world. It aims to empower users with a comprehensive solution by giving them a platform that has the benefits of a centralized exchange and beyond.
RenQ’s mission is to propose a comprehensive solution that is accessible to all types of traders, from beginners to experts. At the moment, new users are forced to avail of centralized exchanges because it is easier for them to do so.
However, the RenQ wallet allows new users to enjoy all of the benefits of centralized exchanges while using a decentralized solution. RenQ allows the creation of entirely new asset classes whose value is derived from blockchain-based assets.
RenQ offers benefits over conventional financial products by eliminating the need for a regulated central clearing house, providing global and equal access, and granting users permanent control over their funds.
RENQ Crypto Price Technical Analysis (Daily Time Frame)
The RENQ crypto asset is expressing bearish behavior and is expected to fall further. Through last week, last month, and the last three months, it fell by 9.52%, 23.05%, and 29.28% respectively, thus, implying a stable downtrend.
RENQ marked the beginning of the downtrend when the price sank from a vital level of around $0.014000 on the chart. The RENQ crypto is about to display another sharp fall as it is inching closer to another resistance level.
At the time of publishing, the RENQ crypto was at $0.008437 post an intraday decline of 1.93%. Therefore, the trend is bearish as per the daily chart and shows that it could fall up to the support at $0.007000. On the flip side, if the RENQ crosses above EMAs, then it could surpass the bands and the next resistance could be $0.014000.
Furthermore, the RENQ crypto asset is displaying bearishness and falling tendency as it plunges below the 20, and 50-Day EMAs.
In addition, the RENQ crypto asset is displaying bearish characteristics as MACD is showing a bearish cross with a broad histogram and the RSI is falling smoothly, implying that the asset is losing momentum and can achieve new depths.
Summary
The crypto demonstrated a sign of decline as the price sank from a vital level of around $0.014000 on the charts. The RENQ crypto is about to fall again as it is moving towards another resistance level.
Therefore, the trend is bearish as per the daily chart and shows that it could fall up to the support at $0.007000.
Technical Levels
Support Levels: $0.007000
Resistance Levels: $0.010500
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
Source: https://www.thecoinrepublic.com/2024/01/20/renq-crypto-will-renq-crypto-price-plummet-reach-lower-levels/