Ren Price Down by 8.80% – Time to Buy REN?

• Kava adds Ren to its Kava Pioneer program inspiring investors to buy REN
• Varen partners with Ren on Cross-Chain Infrastructure
• Ren Labs introduces ‘Catalog’

The global crypto market has shrunk recently. Popular heavyweights like Bitcoin and Ethereum have seen their mid-month gains retraced. The Ren protocol is also feeling the bearish brunt but this presents an ideal time to buy REN for a bargain.

Ren (REN) is an open protocol that allows diverse blockchain platforms to achieve interoperability and liquidity. The protocol intends to integrate well-known assets like Bitcoin and Zcash into blockchains like Ethereum, thereby creating a multi-chain decentralised finance (DeFi) environment.

Kava Adds Ren To Its Kava Pioneer Program

Kava Network recently announced the alpha release of their Ethereum Co-Chain. The launch brings EVM developer support to Cosmos, allowing Ethereum developers and dApps to build and deploy on the platform.

With the alpha launch of its Ethereum Co-Chain, Kava developers announced that the network now supports Ethereum Virtual Machine (EVM) smart contracts.

According to the announcement, over 15 protocols, including RenVM, yield aggregator AutoFarm, and Beefy Finance, will be deployed on the closed Co-Chain testnet as part of the Kava Pioneer Program.

These projects will be used to test Kava’s Ethereum compatibility and Cosmos Co-Chains before the mainnet’s debut. By the end of the year, Kava network hopes to integrate about 100 protocols.

Varen Partners with Ren on Cross-Chain Infrastructure

Varen will work with Ren and the community to develop cross-chain infrastructure and technologies.

Hence, Varen will have first access to the new RenJS code, due to the close collaboration with the Ren development team.

Varen will also aid the development of a Ren-focused cross-chain liquidity strategy by sharing resources as needed, taking on additional front-end development tasks for Ren assets, and contributing to the development of a Ren-focused cross-chain liquidity strategy.

Other Ren Labs initiatives, such as Catalog Finance, will be supported by both teams to ensure that they are continually working in tandem to increase the adoption of Ren-built dApps and technologies.

Ren Laba introduces ‘Catalog’

Ren Labs, the creators of the famous bridge Ren, has announced Catalog, a cross-chain autonomous market maker (AMM) to their product.

Intending to increase the protocol’s ability to build a new, interoperability-focused chain, Ren Labs has been working on Catalog since October 2021.

Also, to prevent temporary loss, Catalog will employ single-sided staking, in which users deposit assets owned by a market maker and get interest on the assets they deposit. When the quantity of an asset locked into an AMM pool fluctuates owing to trades against the liquidity, this is known as impermanent loss.

A future Catalog token will also have a temporary loss protection insurance pool as part of its functionality.

Ren’s Technical Analysis

At press time, REN is trading at $0.329. The digital asset has seen a downtrend of 8.80% in the last 24 hours and an uptrend of 5.85% in the past 7 days.

REN is currently bearish and the digital asset is trading above the 23.6% fibonacci retracement level of $0.326. This could serve as a support level for the digital asset in the short-term. However, a bullish resurgence could see it break above the current resistance zone of $0.41 before the month runs out.

The Relative Strength Index (RSI) of REN is 41.85. This shows that the digital asset is in the underbought zone, indicating a good time for investors to buy REN.

REN is now trading below the 50-hour Simple Moving Average (SMA) indicator of $0.41. This indicator shows that the crypto asset is bearish. The digital asset’s moving average convergence and divergence (MACD) value shows that the cross-chain liquidity hub is in the neutral zone.

Buy REN at eToro from just $50 Now!