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REN/USD has weakened from $1.02 to $0.88 since the beginning of November 2021, and the current price stands at $0.90. Technically looking, REN remains in a correction phase, and the risk of further decline still persists.
A decentralized network that integrates assets
RenVM is a decentralized network that enables developers to bring cross-chain functionality to their DeFi applications. RenVM provides practical interoperability solutions that can scale and allow secret computation over multiple inputs and multiple parties.
RenVM adds more liquid assets to the Ethereum ecosystem, which directly enhances DeFi’s utility. RenVM is powered by a network of machines called Darknodes which earn a share of the volume transacted through this network.
Darknodes are a concept of thousands of machines, while RenVM uses consensus algorithms and secure multiparty computations so that anyone can operate Darknodes without needing to trust them.
REN is the utility token of this decentralized network, and the requirement for running a Darknode is 100,000 REN staked as collateral. REN assumes that all Darknodes are rational, and it is important to say that users must pay fees whenever they use RenVM to bridge crypto-assets from one blockchain to another.
RenVM serves as a plug-in for decentralized finance, and it is composable with existing blockchain and DeFi applications. Because of this, any DeFi application can incorporate RenVM’s capabilities into its applications and existing smart contracts.
RenVM (REN) has a strong and growing community; the popularity of this project is rising across the globe, while more and more exchanges are offering this cryptocurrency.
Fundamentally looking, there is still a level of uncertainty surrounding this project, and its success mainly depends on its strategy to expand its market influence.
$0.80 represents strong support
REN continued its fall and reached a new monthly low of $0.88 on Wednesday, while the current price stands at $0.90.
REN could weaken even more in the upcoming days, and if you decide to trade this cryptocurrency, you should use a “stop-loss” order because the risk remains high.
The critical support level stands at $0.80, and if the price breaks it, the next price target could be around $0.70 or even below. On the other side, if the price jumps above $1 resistance, it will signal to trade REN, and the next price target could be around $1.10.
RenVM is a decentralized network that integrates assets such as Bitcoin, Bitcoin Cash Doge, and Zcash to your decentralized application. REN is losing its value this November and if the price falls below the critical support level, stands at $0.80, it would be a strong sell signal.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.