Hello crypto enthusiasts! Have you heard about Ren’s astonishing journey in the cryptocurrency market this year? While most altcoins faced devaluation against the surging Bitcoin, Ren stood out with an impressive bull run. The price of Bitcoin skyrocketed from $3,693.85 to a year high of $13,880, affecting most altcoins. But Ren has been the exception, defying the odds with substantial growth.
Ren’s growth is nothing short of phenomenal. Starting the year at 549 satoshis, Ren has surged to 1,342 satoshis. That’s a whopping 144.44% gain in just seven months, outperforming many in the market.
The secret to Ren’s success lies in its long accumulation period. The coin was in range accumulation between December last year and July this year, oscillating between 400 and 890 satoshis. This solid foundation set the stage for a dramatic breakout on July 20, pushing Ren to new heights.
However, it’s not all rosy. Bearish signs are emerging, with Ren showing signs of bullish exhaustion. Despite bearish divergences and overbought conditions, Ren still maintains a technical uptrend, making it a strong candidate for buy-on-dip strategies.
Ren’s current midpoint range of 1,115 satoshis is a critical level to watch. If this level holds, we might see Ren challenging the 1,340 satoshis resistance soon.