The blockchain analysis firm, Santiment, shared in a tweet today that there has been some “wild price” action for Ren (REN) in the final days of this year. The tweet added that this price action comes at a time when the rest of the crypto market is quiet.
According to the post, Alameda Research had bought into the project nearly two years ago. Furthermore, it was announced that 180 million REN coins will be minted in preparation for Ren 2.0.
REN price and development activity (Source: Santiment)
As can be seen by the chart shared by Santiment today, the price of REN is rising while the development activity for the project has essentially halted. The discussion rate of REN is also beginning to rise as the crowd recognized the price breakout of the altcoin.
At press time, REN’s price is up an astonishing 31.11% over the last 24 hours. This is according to the crypto market tracking website, CoinMarketCap. In addition to strengthening against the US Dollar, REN’s price has also increased against Bitcoin (BTC) and Ethereum (ETH) by 31.02% and 30.80% respectively. As a result, REN is now trading at $0.07914 at press time.
Daily chart for REN/USDT (Source: CoinMarketCap)
Looking at the daily chart for REN/USDT, the price of REN has successfully broken above the 9-day and 20-day EMA lines over the last 48 hours. This comes after a surge in buy volume entered REN’s charts yesterday, which gave the altcoin’s price the initial boost.
A confirmation that the bullishness will continue is if the 9-day EMA is able to cross above the 20-day EMA. Another confirmation would be if REN’s price breaks above the current resistance level at around $0.084772.