Ren Protocol is a permissionless and trustless protocol that allows users to transfer tokens across different blockchains.
We went long REN/USD on 26 March 2020 at $0.04 and are +2525%. Today we see a new possible entry point at $1.05 after a 41.6% retracement from its 20 February high of $1.80.
REN has found support at the 50 MA and looks primed for a resumption of its uptrend. Both the 50 MA and the 120 EMA are rising and buying volume has been healthy.
In August 2020, Ren teamed up with Acala Network to bring Bitcoin to the Polkadot ecosystem. That September, Ren announced they would also be supporting the Binance Smart Chain.
Last October, the Ren token was listed on Coinbase. The following month, Ren unveiled their Multichain upgrade, portending support for Digibyte, Dogecoin, Filecoin, and Terra.
Last month, Ren officially integrated the Binance Smart Chain. They also became a part of Alameda research and are working on bringing wrapped assets to the Solana blockchain.
Ren's main objective is to become the interoperability hub for the entire cryptocurrency space.
Of the top 100 tokens, this has been one of the worst performers over the last few weeks. Yes, it goes up. But, you would have had much better gains in almost any other crypto.
@foobared1337, look at the weekly stats fanboy. When the whole market is going up, I'd prefer to be at least in the top 50% of gainers, not the bottom decile. A blind man could throw a dart at the crypto market and hit one with better returns.
rzinho
⋅
@WildBill2535, REN/USD is a swing trade. Oversold, presenting an opportunity now, not the last few weeks.
@WildBill2535, What I have presented here is a crypto that looks oversold due to recent price action and the 50 MA has found support on the pullback. We are bullish on REN and therefore see this as a good opportunity for newbies/current bag holders to go long. Gains made over the past few weeks in other cryptos is irrelevant to the theme of this post.