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REN (Ren) Token Analysis 23/03/2021Fundamentals: Ren (REN) is an open protocol built to provide interoperability and liquidity between different blockchain platforms. Formerly known as Republic Protocol, Ren launched RenVM, its virtual machine mainnet, in May 2020, having completed a $34 million initial coin offering (ICO) in 2018. The protocol’s native token, REN, functions as a bond for those running nodes which power RenVM, known as Darknodes. Ren aims to expand the interoperability, and hence accessibility, of decentralized finance (DeFi) by removing hurdles involved in liquidity between blockchains. Ren is a complex platform with multiple use cases, but it is ultimately designed to overcome barriers to entry and investment for DeFi projects. As a plug-in, it allows DeFi projects to bring foreign cryptocurrency assets such as Bitcoin (BTC) and Zcash (ZEC) to their offerings. More broadly, users can in essence swap any token between any two blockchains without middle steps such as using so-called “wrapped” versions of tokens, for example Wrapped Bitcoin (WBTC) and Wrapped Ethereum (WETH). RenVM is a network of virtual computers making up a virtual machine. The machines powering the network which makes up RenVM are called Darknodes. Ren charges various fees for internal operations, but most do not go towards direct profitability, instead being paid to miners. As an ERC-20 token, REN also attracts varying gas fees to power transactions. Ren was founded by Taiyang Zhang, its CEO, in 2017. Initially called Republic Protocol, Ren was first announced in January 2018, with Zhang explaining its initial use case as a “decentralized dark pool.” Zhang himself has existing experience in the cryptocurrency space, having also co-founded crypto hedge fund Virgil Capital. Prior to that, Zhang co-founded Neucode, a software and web development startup, in 2014. Jaz Gulati, Neucode’s other co-founder, now works as a software developer for Ren. Technical Analysis: As we ca see the Token is trying to break down the Support of 61.8% of Fibonacci Retracement there are good chances that the 78% level of Fibonacci Retracement stands and and if so then the New Rally Starts. there are total of 3 targets where as the 1 TP will be vary easy to achieve
RLong
by BitonGroup
13
Ren protocol [REN] support & Break-out setupHi everyone, As many other altcoins REN is going through a consolidation phase where higher lows are being made. REN found a strong support with the EMA50 (Daily timeframe) and is on his way further completing the ascending triangle formation. When a strong enough bounce from support area is realized a potential bullish break-out is feasible. As always, we want to see the right volume and price action to confirm this. Strong fundamentals: > Ren getting to the Greycore > Partnership DigiByte‌ (DGB) through LinkSwap bridge > Partnership PlasmaFinance In case we fall below the lower grey trendline that acts as support, above set-up will be invald 🌜 Please like and leave a comment 🌜 This is not financial advice
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by M00N_BEAMS
REN (Ren Protocol) - Is the correction over?REN has corrected almost 50%. This seems like an overcorrection and I believe we will see strong movements upward now to compensate. It's recently broke above a trend line and seems to be in the process of moving upward, If the move fails we could see drops down to a higher demand zone - as low as 60 cents. I have opened a trade on REN just as it broke out and will update as it goes along. This is not financial advice If you enjoyed this analysis please like and follow!
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by JamesVitaly
🆓Republic Protocol/USDT Analysis (2/3) #REN $RENThere is a good strong force at 0.9$ and 1$ zones so we can expect a recovery in next days. We can start accumulating REN at 2 zones above and I think it will have a big recovery wave from March 5 and targets should be 1.4$ and 1.6$. If it can conquer 1.6$ zone, it will pump very strongly and 3$ will be reached soon! 📈BUY -Buy: 1.00-1.05$. SL if B -Buy: 0.88-0.92$. SL if B -Buy: 1.55-1.60$ if A. SL if B 📉SELL -Sell: 1.35-1.40$. SL if A -Sell: 1.55-1.60$. SL if A -Sell: 2.95-3.05$. SL if A ♻️BACK-UP -Sell: 0.88-0.92$ if B. SL if A -Buy: 0.50-0.53$. SL if B ❓Details Condition A : "If 1D candle closes ABOVE this zone" Condition B : "If 1D candle closes BELOW this zone"
RLong
by CryptoStation
4