Ren Price Prediction – Will REN Price Hit $2.5 in 2021?

This Ren (REN) Price Prediction 2021 article is based on technical analysis alone. Below, you will see the key metrics that we have taken into consideration upon coming up with our REN price analysis and prediction.

Over the past few weeks, the digital asset market seems to be making a fast recovery. After the dip a few months ago, the digital asset industry was growing steadily. At the moment, it seems that the crypto industry may finally be on the up and up again.

Now that we’ve got some ideas about REN, do you think REN will be a profitable cryptocurrency this year? Let us find out together in this CoinQuora Ren (REN) price analysis and price prediction 2021. But before we go there, let us understand first, “what is Ren (REN)?”

What Is Ren (REN)?

Ren (REN) is an open protocol developed to offer interoperability and liquidity among various blockchain platforms.

In May 2020, Ren, formerly known as Republic Protocol, launched virtual machine mainnet RenVM. The platform has completed a $34 million ICO in 2018. More so, Ren’s native token is REN which works as a bond for those running nodes which provides RenVM, called as Darknodes.

In addition, Ren focuses on expanding the interoperability, and therefore accessibility of DeFi through removing hurdles involved in liquidity among blockchains.

Now that we are fully aware of “what is Ren (REN)?”, what are we waiting for? Let us now head to our REN price analysis and prediction for 2021.

REN Current Market Status

As of the time of writing this Ren price analysis, REN trades at $1.01 with a 24-hour trading volume of $255,680,861. The price of REN has decreased by 3.83% in the last 24 hours.

Furthermore, REN has a current circulating supply of 997.764 REN. Currently, the top cryptocurrency exchanges for REN are Binance, Huobi Global, OKEx, FTX and Mandala Exchange.

Now, let’s proceed to the next part of this REN price analysis for 2021.

REN Price Analysis 2021

Currently, Ren holds the 90th place on CoinGecko. But will the latest upgrades, developments, and changes in the REN blockchain help the cryptocurrency price to reach higher? Let’s proceed to the charts in this REN price prediction article.

Based on the chart above, REN positions itself along with the raging bulls. Today, REN trades at a high price of $1.01. In addition, we can see that REN recently performed an Ascending Channel pattern. An ascending channel is the price action that occurs in an upward direction through a rising parallel line.

More so, the chart shows the Higher Highs and Higher Lows form this price pattern. In addition, this pattern represents a short-term bullish.

In other words, REN is gearing itself for a possible bullish rally in the days to come. If this happens, the crypto might go beyond its resistance level and reach the bullish price. Of course, this is most likely to happen if the bullish market continues to reside with REN.

Conversely, if the bulls turn against crypto, the price of REN might fall. In short, REN might break out from its uptrend position and nosedive to a bearish price. Indeed, this price level is not a good picture in the eyes of the investors.

The Relative Strength Index (RSI) is close to 61.93, which means that REN is nearly overbought. Hence, this may lead to a price reversal at any given time. 

Therefore, traders must trade crypto carefully and must not be affected by the market hype. Keeping all this in mind, traders can be aware and move away from unexpected losses due to the crypto market’s wild swings.

Let us also look at the Simple Moving Average (SMA) and the Exponential Moving Average (EMA) of REN.

Since the start of 2021, REN’s price has seen many bullish moves which are higher than the previous one. More so, these are followed by fluctuations, consolidation, and corrections right away. Taking this into consideration, REN has a competitive market this 2021.

REN Price Prediction 2021

The chart below shows that Ren has performed great over the past few days. Moreover, the REN price increased 206% in the last 30 days. If this trend continues, REN might run along with the bulls, overtaking its $1.36 resistance level and climb higher.

Conversely, if the investors turn against the crypto, the bears might take over and dethrone REN from its uptrend position. In simpler terms, the price of REN might drop to almost $0.69, a bearish signal.

Meanwhile, our long-term REN price prediction 2021 is bullish. It has a high possibility of surpassing its current all-time-high (ATH) at about $1.83 this year. However, that will only happen if it breaks many previous psychological resistances.

REN Price Prediction 2022

If this bullish trend continues, REN will reach $3 by the end of 2022. Moreover, the first half of 2022 is going to show fast growth, up to $4.5. Then this rise will slow down, but no major falls are expected. With upcoming, partnership, and developments reaching $3 is quite optimistic in the price point of view but undoubtedly feasible for the near future.

REN Price Prediction 2023

If REN holds the support level around 200-MA, the long-term moving average, buyers will then have ample time and stability to forge the next attack mission on the vital level at $7, making it not plummet but play consistently.

REN Price Prediction 2024

As per the latest upgrades, developments, REN price prediction, and new project forecasts of the platform, REN investors could expect many partnerships and integrations around 2024. Moreover, this might boost the price of REN in the crypto market, and it will be the best investment as the price can spike and reach around $10.

REN Price Prediction 2025

In the next four years, REN prices could race up to $15. However, reaching this level could not be so difficult for REN as additional medium, short-term, and long-term price targets could be found to purchase or sell orders. This indicates that REN has a high possibility of reaching a new ATH soon in the next five years as per the prediction.

Conclusion

Ren has a bright future ahead of it in 2021. With the ongoing developments happening within the REN ecosystem, as well as in the overall crypto market, we may see REN reach new heights.

Bullish REN price prediction 2021 is $1.36. However, it may even reach $2.5 if investors have decided that REN is a good investment in 2021, along with mainstream cryptocurrencies like Bitcoin and Ethereum.

FAQ

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.