Will RENQ Break Above Key EMAs?

The RENQ Finance price forecast indicates the bearishness on the daily timeframe chart. The bears are dominating from the higher levels overpowering the Bulls.

This crypto’s price is down by almost 17.29% this month, showing the lack of buying interest in the bulls. In December 2023, bulls tried to bounce back and surpass the key moving averages. However, the price broke above the key EMAs but was unable to sustain above them and fell.

The crypto struggles at the lower trendline and it is currently making efforts to reclaim its position within a horizontal range on the daily chart. To surge high and recover, the price needs to attract more buyers

At the time of writing, Renq crypto was trading at 0.007986 USDT with a loss of 2.03% for the day, breaking below the 200-day EMA, which indicates bearishness on the charts. The trading volume for the day is $223,087.39 Million, showing a lack of interest from the buyers’ side. The market cap of Renq crypto is $8.01 Million.

However, the Renq crypto has stayed in a downtrend over the past year and persisted in forming lower highs and lower lows sequences. It is facing multiple rejections from the upper trendline, which acted as a barrier to exiting the trend and rebound. 

Moreover, the price action shows that the RENQ Finance crypto has persisted in facing selling pressure, and buyers have stayed on the back foot. In contrast, the sellers have a strong edge and continue to make short positions.

What Do Technical Indicators Say of RENQ Finance Crypto?

On the daily charts, the RENQ Finance crypto showed a falling pattern. The price is near the lower trendline below the 50-day EMA, showing weakness on the daily charts. Recently, the crypto bounced back from the channel lows and headed towards key EMAs.

The RENQ Finance crypto is now trading near the lower Bollinger band. Furthermore, the chart shows sellers are gaining traction and preparing for the next bearish move.

A Weekly Time Frame Analysis of RENQ Finance

RENQ Finance crypto has shown sellers’ strength on the weekly charts. Moreover, the price traded beneath the key EMAs, which shows further weakness in the crypto. The RSI curve is near the oversold region at 35 and a negative outlook was noted, indicating bearishness in the crypto. The MACD indicator also persisted to form red bars and a bearish crossover was noted, which signals corrective moves.

Summary

RENQ Finance (USD: Renq) technical indicators support the bullish trend. The MACD, RSI, and EMA are emphasizing negative signs and imply that the downtrend may continue in the Renq crypto price. The RENQ Finance Price action suggests that the investors and traders are bullish on the 1-D time frame. The price action speculates a bullish perspective at the moment. Moreover, RENQ Finance Investors avoid the fear of missing out. Scarcity is created in the crypto market to gain more investors and creditors. It is good to retain it at arm’s length as this may result in one of the rising reasons for market volatility.

Technical Levels

Support Levels: 0.007068 and 0.006000.

Resistance Levels: 0.008866 and 0.009577.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.