Bitcoin continued to hold firm during the early trading hours on Tuesday but other crypto assets were trading lower. Traders across the globe are looking at the US Federal Reserve’s interest rate hike as its two-day FOMC meeting begins today. Also, the banking sector will also be keenly watched amid the concerns.
Ren (REN) is an open protocol built to provide interoperability and liquidity between different blockchain platforms. The protocol’s native token, REN, functions as a bond for those running nodes that 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.
The REN/USDT price chart has broken the descending trendline with good volume, it is up by 37% for the day. Currently, it is trading above the 20-week exponential moving average(EMA) and appearing strong compared to the overall crypto market. It is expected to remain strong and continue the upward movement.
The next resistance for the REN token is expected at $0.15 level and the next support could be expected around the $0.10 level.
(Views and recommendations given in this section are the analysts’ own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)
Also read: MFs cautious but Adani Enterprises, Ambuja Cements, 2 other Adani group shares rally in March
Also read: 1,00,000% rally in 15 years! Here’s how this stock turned Rs 10,000 to Rs 1 crore