REN price at risk of 50% drop after a bearish trading pattern shows up By Cointelegraph

REN price at risk of 50% drop after a bearish trading pattern shows up

CryptocurrencyJan 04, 2022 10:00PM ET

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REN price at risk of 50% drop after a bearish trading pattern shows up

The prospects of Ren (REN) continuing its ongoing rebound to fresh highs appear slim as a classic bearish reversal pattern begins to emerge.

Dubbed head and shoulders, the setup appears when the price forms three peaks, with the middle peak (called the head) longer than the other two peaks described as the left and right shoulders. The bottoms of these peaks are supported by a neckline.

An illustration of the head and shoulders pattern. Source: Corporate Finance Institute

REN/USD daily price chart featuring H&S setup. Source: TradingView

REN/USD weekly price chart featuring a symmetrical triangle. Source: TradingView

Multi-year history of volume and total value locked in RenVM. Source: Highcharts.com

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