Throughout the last few months, REN has been in a period of consolidation as it retested its former highs going all the way back to 2018-2019 at $0.10-$0.15, setting up a huge base in price in the process.
Big bases can make for big rallies, and signs are showing that REN is ready to kick it into high gear as it finally retook its key 50-day moving average (MA), something it hasn’t done since March of this year, after which it quickly gained another +50% over the coming weeks!
Take a look:
A +50% or more increase in price would take the coin to $0.25-$0.30, highlighted in the red zone on my chart. This is an area where REN previously found strong support, so we can assume it will act as resistance going forward.
In addition, REN’s declining 200-period MA sits right in this zone, which as we know tends to cap short term upswings in price, making it a perfect area for profit taking.
And as for where we’re wrong, prices at or below REN‘s uptrend off its lows, which also coincides with its rising 50-day MA (-25% below current prices) could mean even more selling to come for the coin, and we’d likely be taking an early exit and moving on to better opportunities…
With that said, here’s what to do:
Action to Take: Using your Coinbase or Binance account, buy Ren (REN) at the market. Close the entire position at 50% profits- or when you hear from me.
All the best,
America’s #1 Pattern Trader