Ren Prediction for Today, November 14: REN/USD Retraces $0.093

The bearish price reversal started when Ren bulls market hits $0.14 resistance. And the trend was with very strong moves. However, the bear market fails to pass through the bullish support at $0.08. At this level, the buying is very strong. But the force that was behind the bearish trend is also still strong and because of this, a lower resistance is formed at $0.094, near the support level.

Ren Market Price Statistic:

• REN/USD price now: $0.089
•  REN/USD market cap: $78,056,530
•  REN/USD circulating supply: 999,037,500
•  REN/USD total supply: 1,000,000,000
•  REN/USD coin market ranking: #192

Key Levels

• Resistance: $ 0.09, $0.10, $0.11
• Support: $0.07, $0.06 $0.05

Ren Market Price Analysis: The Indicators’ Point of View

The bearish trend was able to slightly break the difficult support, but they did not go far before the bulls were able to recover the price. And as the price rallies back upward, the market is back at the $0.094 resistance level. There is, currently, a struggle between demand and supply at that $0.094 resistance level. The lower band of the Bollinger moves to the downside. And the two moving averages are also moving to the downside. They are responding to the current price behaviour. As the bearish resistance proves strong, there are two possibilities. The market may continue to go the bearish way or the price may go into a price consolidation trend. 

REN/USD 4-Hour Chart Outlook

 The only bullish 4-hour session in today’s market (so far) is the second 4-hour session. There was massive buying in this session, but at $0.094, some traders were taking profits while some are still holding on. Now it seems like the bull market is becoming weak. The RSI indicator portrays the market at the midpoint of the indicator, between the bulls market and the bears market.

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