Ren Price Down by 5.88% – Time to Buy REN?
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- REN’s Current Downturn Presents a Good Opportunity to Buy REN in a Dip
- Catalog Launch Boosts REN’s Prospects
- REN: Cross-Chain Asset Transfers Made Easy
The general crypto market began this week on a bullish note. However, things appear to have consolidated once more, as pressure from the traditional market continues to weigh on crypto prices. Investors continue to seek the best coins to buy, and many are wondering whether this is a good time to buy REN.
While the asset is trading downwards, REN seems to have some untapped potential that could catalyse an upward push when the market flips bullish. We examine if REN is a good buy in this analysis.
REN: Cross-Chain Asset Transfers Made Easy
REN powers the Ren Protocol – a software that aims to develop a global network allowing users to easily transfer assets across multiple blockchains.
With Ren Protocol , users can lock assets in smart contracts and receive the equivalent on another blockchain. So, a user can lock Bitcoin in the protocol and receive the equivalent in Ether in their ETH wallet. With this Ether, the user gains easy access to the Ethereum blockchain, decentralised finance (DeFi) products, and more. The process is faster and cheaper than having to trade BTC for ETH through conventional means.
Locking funds on the Ren Protocol is done using REN – the network’s native asset. REN is also used as a payment incentive for validators on the network.
Catalog Launch Boosts REN’s Prospects
The Ren Protocol’s prospects were recently bolstered by the launch of Catalog – the first multi-chain decentralised exchange (DEX) built on the platform.
Launched in February, Catalog describes itself as a “metaversal” DEX with built-in liquidity mechanisms that allow users to swap assets across different networks. It offers zero gas fees and low reading fees, as well as the ability for investors to earn passive income on crypto held in an account without having to stake or provide liquidity to the platform.
The launch of platforms like these is sure to improve activity on the Ren Protocol. We expect that this should serve as a bullish sign to buy REN when the market bounces back.
REN Technical Analysis
Trading at $0.1444, REN is down by 5.88 in the past 24 hours. With the broader market’s downturn weighing on its price, REN’s downtrend is understandable.
The 24-hour drop has also affected REN’s recovery, causing the coin to drop below all of its moving average (MA) indicators. These range from the 10-day MA of $0.1484 to the 200-day MA of $0.4051. We expect that REN should be able to make strong moves in the next 24 hours, giving investors seeking to invest in cryptocurrency more confidence to buy REN.
With a positive moving average convergence divergence, REN gives off a buy signal. Also, the coin’s relative strength index (RSI) of 40.99 shows that it is clearly underbought. This is another bullish sign for investors who intend to buy cryptocurrency to buy the digital asset.
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