The meteoric growth of the price of Bitcoin from $3,693.85 at the beginning of the year to the $13,880 year high reported last month has greatly affected most altcoins. As a result of the devaluation that altcoins have suffered against Bitcoin, most people are dumping their tokens in preference of the gaining Bitcoin. One altcoin, however, is defying those odds. Ren has been on a substantial bull run this year.
Ren Up Over 140% in Seven Months
However, one coin has defied odds and demonstrated an impressive growth run. At the beginning of the year, Ren was trading at 549 satoshis, but it has since gained, and currently, it is trading at 1,342 satoshis. This is a tremendous 144.44% gain in seven months when most coins have plunged against Bitcoin.
The incredible upside potential of Ren is pegged on its long accumulation period, and this is the main reason why it will continue exhibiting steady growth. Between December 6 last year and July 20 this year, the coin was stuck in range accumulation, trading in that period in a range of between 400 and 890 satoshis.
Ren has a solid base, and the cryptocurrency managed to break out of a double bottom pattern on July 20 when it took resistance of 890 satoshis, which signaled the beginning of the upward trend. This technical breakout enticed breakout buyers as well as trend followers in the process, launching a breakout rally that pushed Ren to 1,342 satoshis.
Bearish Signs Becoming Evident
The 144% gain up to date shows that the crypto token is ready for substantial corrections and so far Ren has started showing signs of near term bullish exhaustion. Besides the bearish divergence on the coin’s daily RSI, it is equally trading in overbought settings in weekly and daily time frames.
Despite there being bearish signs, the coin is still in a technical uptrend, and it is a strong buy-on-dip contender. The current midpoint range of 1,115 satoshis is the first interest level, but if bulls will hold that level for long, then the coin cannot sustain the 1,340 satoshis resistance for long.
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