Ren Price is up by 15.11% – Time to Buy REN?

• VarenX is now live on Polygon: time to buy REN?
• Ren Labs raises $7.5 Million for Cross-Chain Exchange ‘Catalog’
• Varen collaborates with Ren on Cross-Chain Infrastructure

Ren has surged by 15.11% in the last 24 hours. Will this entice crypto investors to buy REN amid the crypto market seeing an uptrend of 4.69% since the previous day.

Ren (REN) is an open protocol that helps bring interoperability and liquidity to various blockchain platforms. It allows DeFi projects to add foreign cryptocurrency assets like Bitcoin (BTC) and Zcash (ZEC) to their services as a plug-in.

VarenX is Now on Polygon: Time to Buy REN?

VarenX, Ren’s cross-chain swapping programme, is now available on Polygon.

RenVM and VarenX have handled over $1 million in cross-chain volume since their introduction on Ethereum a little over a month ago, with each cross-chain transaction earning protocol fees for the Ren network.

Varen’s mission is to deliver cross-chain DeFi to the people in the retail industry. Consequentially, user experience (UX) is critical to achieving that goal. One of the most significant UX bottlenecks on Ethereum was the exorbitant gas fees, and that hurdle has been addressed now that VarenX is on Polygon with FreeWei.

Ren Labs Raises $7.5 Million for Cross-Chain Exchange ‘Catalog’

Ren Labs, the developers of the popular bridge Ren, has announced a $7.5 million funding campaign to add a cross-chain autonomous market maker (AMM) to their product.

Catalog has been in the works since October 2021; Ren Labs had the objective of improving the protocol’s capability to construct a new, interoperability-focused chain.

Using Single-sided staking, users will be able to deposit assets controlled by a market maker and receive interest on the asset they deposit, to limit impermanent loss. Impermanent loss occurs when the quantity of an asset locked into an AMM pool changes due to trades against the liquidity.

Additionally, the functionality of a future Catalog token will include an impermanent loss protection insurance pool.

Varen collaborates with Ren on Cross-Chain Infrastructure

Varen, the team behind VarenX, will collaborate with Ren and its community to develop cross-chain technology and infrastructure.

Working closely with the internal Ren development structure, Varen will have first access to the new RenJS code. Sharing resources as needed, taking on additional frontend development responsibilities for Ren products, and assisting in developing a Ren-focused cross-chain liquidity strategy are all things Varen will be doing.

The two teams will also collaborate with and support other Ren Labs projects, such as Catalog Finance, to ensure that they are constantly working in synergy and unison to increase the adoption of Ren-built dApps and technologies.

Ren’s Technical Analysis

At press time, Ren’s price is at $0.3609. Ren has seen an uptrend of 15.11% in the last 24 hours and a rise of 5.94% in the past 7 days.

The technical indicators of REN show the asset is slightly bullish in value. The crypto asset is now trading across the 23.6% Fibonacci retracement threshold of $0.3640, which means REN may see resistance at this level but would likely rise past the indicator price if the value of the larger crypto market continues to be bullish.

The Relative Strength Index (RSI) of the token is 46.89. This shows that REN is in the underbought zone, indicating a good time for investors to buy REN and rise with the market.

Furthermore, REN is trading slightly above the trendline, with a 50-hour Simple Moving Average (SMA) value of $0.3597. This shows the crypto asset is slightly bullish.

Also, the Moving average convergence and divergence (MACD) value shows a weak sell signal.

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