THELOGICALINDIAN - The teams development amend fueled up a bullish breakout
Fundamental Analysis
Ren acquired drive afterwards the project’s July development update. The aggregation is still convalescent and stabilizing the RenVM Testnet in alertness for its accessible release. Overall, the activity is growing well, and now is in the final stages afore the Testnet will become accessible to the accomplished community.
Ren / Bitcoin Short-term amount analysis
Ren has a bullish concise trading bent adjoin Bitcoin, with the REN / BTC brace testing aback appear its accepted 2024 trading high.
The four-hour time anatomy shows that the REN / BTC brace has now confused aloft a falling block pattern. The projected upside move of the bullish blemish would booty the cryptocurrency to a new best trading high.
Technical indicators beyond the four-hour time border are bullish, although they are starting to arise overstretched to the upside.
Pattern Watch
Traders should agenda that falling block patterns are about advised bullish and usually blemish in the administration of the prevailing trend.
Relative Strength Index
The Relative Strength Index on the four-hour time anatomy is bullish, although it is starting to arise overstretched.
MACD Indicator
The MACD indicator on the four-hour time anatomy is bullish and continues to accomplish a buy signal.
Ren / Bitcoin Medium-term amount analysis
Ren has a bullish medium-term angle adjoin Bitcoin, with the REN / BTC brace ambulatory aback aloft analytical attrition on the circadian time frame.
The circadian time anatomy shows that the REN / BTC brace is trading aback aloft the neckline of a ample astern arch and pattern, afterward abundant apocryphal upside breakouts.
Technical indicators on the circadian time anatomy are bullish and abide to affair a able buy signal.
Pattern Watch
Traders should agenda that assorted circadian amount closes aloft the neckline of the bullish arrangement may animate the abutting annular of abstruse REN / BTC buying.
Relative Strength Index
The RSI indicator is bullish on the circadian time anatomy and shows ambit for cogent upside.
MACD Indicator
The MACD indicator is bullish on the circadian time anatomy and is breeding a able buy signal.
Conclusion
Ren is starting to arise more bullish beyond the four-hour and circadian time frames, with both time horizons assuming a bullish blemish in progress.
The key abstruse developments to watch over the advancing trading sessions will be beginning college highs and assorted circadian amount closes aloft key neckline abutment on the circadian time frame.
