The REN price reached our correction target at the golden ratio, and was able to have a strong bounce upward. Will the REN price have a massive rally again?
Ren Price Forecast – 0.382 Fib level successfully held as support!
The REN price perfectly corrected to the golden ratio support at ±$0.24, only to rise by 63%. Afterwards, the REN price was rejected at the 0.382 Fib resistance at ±$0.37, leaving it unclear whether REN will try to break this resistance once more this week, or whether it will move down again to the golden ratio support.
The MACD at least is signaling a continuation of the correction. What happens next depends first and foremost on Bitcoin’s price action. If Bitcoin has a bullish development, the golden ratio price level of $0.24 would’ve been a great entry point for REN bulls. f Bitcoin sees a bearish development, then we should soon fall to this level once more.
Ren Price Forecast – 50-Daily-EMA serves as resistance!
For REN to overcome the 0.382 Fib level at $0.38, it would first have to break the 50-Daily-EMA resistance. The MACD histogram is having a bullish development in the daily charts, and the MACD lines could soon have a bullish crossover.
Should the REN price close over the 0.382 Fib level at $0.38, it could soon target the all time high level of $0.60 again.
Ren Kurs Prognose – September als Korrekturmonat!
So far, September has been going perfectly according to plan, with the REN price perfectly bouncing off the golden ratio at $0.24. Should REN close above the 0.382 Fib level at $0.38, things would be looking good!
Ren Price Forecast – Golden ratio reached against BTC as well!
REN reached our golden ratio correction target against BTC as well! The REN price reached ±0.00002252 BTC then rose up to the 0.382 Fib level at 0.00003291 BTC.
The weekly MACD still signals a continuation of the correction. It remains to be seen if the REN price can close over the 0.382 Fib level at 0.00003291 BTC. If it does, the next price target would be 0.0000394 BTC!
Best Regards and successful trades