Is REN a still buy opportunity after the price exploded?

By: Stanko Iliev
Stanko Iliev
Stanko is a Financial Analyst for Invezz covering stocks, cryptocurrencies, and worldwide indices. He has significant experience trading forex,… read more.
on Oct 5, 2021
  • REN has exploded since the beginning of August 2021
  • RenVM is working on new features
  • $1 represents a strong support level

REN/USD was one of the best performers on the cryptocurrency market last several weeks, and the price of this cryptocurrency has advanced from $0.43 above $1.3 since the beginning of August 2021. The current price stands at $1.20, and if you decide to trade REN, you should always use a “stop-loss” order because the risk remains high.

RenVM is working on new features

RenVM is a decentralized network that powers interoperability for applications, enabling cross-chain lending, exchanges, collateralization & more. It enables developers to bring cross-chain functionality to their DeFi applications, and it is important to mention that RenVM allows for secret computation over multiple inputs and multiple parties.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

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.

REN is the utility token of RenVM network, and the requirement for running a Darknode is 100,000 REN staked as collateral. RenVM is composable with existing blockchain and DeFi applications, and because of this, any DeFi application can incorporate RenVM’s capabilities into its applications and existing smart contracts.

This network has a high level of security, and it is continuously working on new features, which is very important for the expanding Ren VMecosystem. The team of RenVM reported:

RenVM continues to gain consistent traction in each ecosystem it expands into; it is focused on improving tools, and testing the stability and security of upcoming features.

REN has exploded since the beginning of August 2021, and this cryptocurrency continues to trade in a bull market. The daily volume of REN remains high, but the current price appreciation has a less fundamental background.

Bulls in control of REN

This cryptocurrency has made a big jump in a short period and, if you decide to buy REN, you should consider that the price could also weaken from the current levels.

If bigger investors unexpectedly sell a substantial amount of REN, it could result in an extreme correction as a small price change could provoke liquidations from traders with high leverage.

Data source: tradingview.com

REN is currently trading around the $1.20 level, but it would be a strong sell signal if the price falls below $1 support. The next price target could be at $0.8 or even below; still, if the price jumps above $1.40, we have the open way to $1.50.

Summary

RenVM is powered by a network of machines called Darknodes and integrates assets such as Bitcoin, Bitcoin Cash Doge, and Zcash to your decentralized application. REN is the utility token of RenVM network, and it was one of the best performers on the cryptocurrency market last several weeks.

Where to buy right now

To invest simply and easily, users need a low-fee broker with a track record of reliability. The following brokers are highly rated, recognised worldwide, and safe to use:

  1. Etoro, trusted by over 13m users worldwide. Register here >
  2. Capital.com, simple, easy to use and regulated. Register here >

*Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.