According to data from CoinGecko, renBTC is trading at $31,868 at 13:20 UTC, claiming significant gains in the past 24 hours. It has moved from $29,359 on July 7 to its current price level.
It represents a significant rally for the token today as it seeks to reclaim previous gains. renBTC is a synthetic asset created by the Ren protocol that represents Bitcoin’s value. It facilitates fast Bitcoin transfers on Ethereum’s blockchain and other cross-chain transfers.
RENBTC Price Action
RENBTC is up 61.4% compared to its price in 2022, representing an above-average increase. Also, it gained over 18% in the last 30 days, with its price surge today reflecting a positive outlook and increased trading activity. Also, it gained 3.1% in the past 7 days.
RENBTC Bulls Sustain Price Gains
RENBTC is in an uptrend today, forming a fourth consecutive green candle. It implies that the bulls are active in the market and sustaining its price gains.
It is trading above its 50-day and 200-day Simple Moving Averages (SMA), indicating a short and long-term bullish sentiment. It crossed above the 50-day SMA, confirming the recent gains recorded in the past week.
Also, its Relative Strength Index (RSI) value is 59.67 in the neutral zone between the oversold region of 30 and the overbought region of 70.
However, the RSI indicator is rising, reflecting increasing buy pressure in the market today. It means that more traders are in long positions gaining the advantage over the shorts (sell).
RENBTC’s Moving Average Convergence/Divergence (MACD) rises above its signal line, confirming the bullish sentiment. Also, the Histogram bars are green, confirming the prevalent trend. It will likely hold unto its gains in the coming days.
RENBTC Support and Resistance Levels
RENBTC is close to the $31,378 resistance level. It found support at $29,289 and $29,803. A break above the $31,378 level will trigger a further price increase for the asset. However, it will likely experience retracement soon for a period of consolidation.
Factors Affecting renBTC’s Price
Several Factors could affect RENBTC’s price. Most often, Bitcoin’s price action determines its price due to its affiliation. BTC is up today, trading at $31,146; its positive outlook correlated with the recent spike in the price of Ripple (XRP). RENBTC also gained massively from market recovery.
XRP won a hard-fought victory over the U.S. Security And Exchange Commission (SEC) that began in 2020 when the SEC labeled XRP as a security. However, the summary judgment by Justice Analisa Torres on July 13 clears XRP of the security tag.
According to XRP’s Legal Counsel Stuart Alderoty, XRP is not a security, and sales on exchanges are not securities.
This victory caused a spike in XRP’s price leading to speculation of an altcoin season. RENBTC is also gaining today as the market wears a more positive outlook. Stuart Alderoty believes the victory provides the framework for a rational conversation about crypto regulations in the United States.
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