Ren ($RENUSD) 🟥 | Why Ren Never Works Out The Way You Plan
🟨 Ren's RenVM MainNet is almost here and the bulls are still charging ahead. The upcoming technology is impressive and so is this run.
Let's look at some levels to see the bull's path to glory and the bear's best chance of revenge.
Support:
The S1 S/R flip is the first point of support for the bulls. Finding support here preserves bullish momentum, which is exactly what the bulls want to see.
If S1 can't hold, it likely marks the start of a proper corrective move.
If we do get a corrective move, the S2 orderblock formed at the swing low and the S3 S/R flip at the clear price pivot point should both see reactions as illustrated on the chart.
We would expect any healthy corrective move to find support on the S4 orderblock formed from the move up. If S4 can't hold, then the overall bullish price structure will be lost and REN will need to be reassessed.
Resistance:
The bulls don't have any real resistance to contend with given how hard REN has run. With that said, any support created now stands to work as resistance on the way back up if and when bulls falter. So that is worth keeping in mind for bears and bulls alike.
Summary:
REN has shown real strength, and it is never a bad idea to bet on a crypto that is showing strength. What the bulls want to do here is either keep running, with perhaps a quick touch of S1, or consolidate and then lift off again at S4 or higher. There is lots of room for bulls to keep this going into the MainNet launch, but if price structure is lost things can change quickly and much of the hard-won gains may start to be given up, so make sure to manage risk.
Resources:[/I]
prnewswire.com/news-releases/ren-announces-the-launch-of-renvm-mainnet-301065351.html
Hit that 👍 button to show support for the content and help us grow 🐣
Let's look at some levels to see the bull's path to glory and the bear's best chance of revenge.
Support:
The S1 S/R flip is the first point of support for the bulls. Finding support here preserves bullish momentum, which is exactly what the bulls want to see.
If S1 can't hold, it likely marks the start of a proper corrective move.
If we do get a corrective move, the S2 orderblock formed at the swing low and the S3 S/R flip at the clear price pivot point should both see reactions as illustrated on the chart.
We would expect any healthy corrective move to find support on the S4 orderblock formed from the move up. If S4 can't hold, then the overall bullish price structure will be lost and REN will need to be reassessed.
Resistance:
The bulls don't have any real resistance to contend with given how hard REN has run. With that said, any support created now stands to work as resistance on the way back up if and when bulls falter. So that is worth keeping in mind for bears and bulls alike.
Summary:
REN has shown real strength, and it is never a bad idea to bet on a crypto that is showing strength. What the bulls want to do here is either keep running, with perhaps a quick touch of S1, or consolidate and then lift off again at S4 or higher. There is lots of room for bulls to keep this going into the MainNet launch, but if price structure is lost things can change quickly and much of the hard-won gains may start to be given up, so make sure to manage risk.
Resources:[/I]
prnewswire.com/news-releases/ren-announces-the-launch-of-renvm-mainnet-301065351.html
Hit that 👍 button to show support for the content and help us grow 🐣
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.