RENUSD got rejected on the 1D MA200

Ren (RENUSD) almost hit today its 1D MA200 (orange trend-line) and instead of breaking it (would have been the first time since December 27 2021), it got heavily (so far) rejected to a point that the 1D candle is flat. This is far from an ideal sign, especially since the rejection also took place a few points below the October 05 2021 Lower Highs trend-line, as well as the 0.382 Fibonacci retracement level.

Being similar to the July - October 2021 rally, we expect the price to trade within its Channel Up at best with the slightest break (close) below the 1D MA50 (blue trend-line) invalidating this pattern to the downside.

On the other hand, a break above the 1D MA200/ Oct LH/ 0.382 Fib Resistance cluster, would constitute a trend shift to long-term bullish with upside targets the upper Fib levels, which as you see formed both Resistance and Support levels during the downtrend this year.




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