the Renq finance asset is displaying bearish characteristicsFrom the beginning of 2024, RENQ Finance's price displayed a significant drop in its price structure, with the daily chart forming lower lows and highs. The decline was sharp and sudden, breaking all nearby support levels. However, it did not breach the major demand zone territory and eventually found support at $0.005000.
On the overall chart, it fell in the past six months, three months, and one month by -49.17%, -33.26%, and -13.81% respectively, highlighting a consistent downward trend.
The Renq Finance crypto has shown a decline in recent times, with the price dropping by 13.48% this week from a significant level of around $0.007500 on the chart. The RENQ crypto appears to be headed for another fall, as it encounters resistance and plunges.
The Renq finance asset is currently showing a bearish trend and a tendency to fall. It has started to drop below the 20-day and 50-day EMA bands, which are both major trends. It is possible that the sellers' surge could cause it to drop again.
In the same way, the Renq finance asset is displaying bearish characteristics as MACD is showing a bearish crossover with a histogram at -0.000118, the MACD line is at -0.000212, and the signal line is at -0.000095. Likewise, the RSI is at 33.84 falling smoothly as well, as it has taken a flawless rejection from the 14-SMA smoothened line at 43.70, on the daily chart, implying that the RENQ asset is losing momentum and can achieve new depths.
At the time of publishing, Renq Finance fell -2.92% and its market price is trading at $0.005784.
In the event that the price falls below $0.006500, the price may decline further. Alternatively, if buyers regain momentum from the current support level, the price could reverse and rise from this level. This upward momentum could continue, resulting in the price reaching higher levels on the daily chart, such as $0.008000 and $0.009000.
