Sunday, April 18, 2021

REN price rallies 60%, hitting a new high after recent DeFi integration

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Ren (REN) worth underwent a powerful 65% breakout on Feb.19 because the interoperability-focused protocol noticed persevering with accumulation from whale wallets holding greater than 1 million REN.

Knowledge from Cointelegraph Markets and TradingView reveals that REN rose from $0.99 on Feb. 18 to ascertain a brand new all-time excessive of $1.84 on Feb. 19. The transfer to a brand new excessive occurred as REN’s buying and selling quantity additionally reached $704 million over the previous 24-hours.

REN/USDT 4-hour chart. Supply: TradingView

Consideration for the protocol obtained a noticeable uptick on the finish of January when it was introduced that Dogecoin (DOGE) can be built-in with REN, enabling the buying and selling of renDOGE within the rising DeFi ecosystem.

Since that point the REN ecosystem has continued to develop as extra top-tier initiatives like Filecoin (FIL) have undergone the transformation to turn into renFIL, which is now being considered for addition to the AAVE ecosystem.

Binance Sensible Chain integration strengthens REN’s use case

REN was buying and selling at $0.94 on Feb. 15 earlier than it was introduced that RenBridge 2 was dwell and built-in with the Binance Sensible Chain. Since that point, the buying and selling quantity has steadily elevated in addition to the whole worth locked on the RenVM.

Whole worth locked on REN. Supply: Defi Llama

VORTECS™ knowledge from Cointelegraph Markets Pro started to detect a bullish outlook for REN on Feb. 18, previous to the latest worth rise.

The VORTECS™ rating, unique to Cointelegraph, is an algorithmic comparability of historic and present market circumstances derived from a mix of information factors together with market sentiment, buying and selling quantity, latest worth actions and Twitter exercise.

Cointelegraph Markets Pro – VORTECS™ Rating (inexperienced) vs. REN worth

As seen within the chart above, the VORTECS™ rating started to extend following the announcement of RenBridge 2 on Feb. 15 and reached a peak of 81 on Feb. 18, shortly earlier than the worth of REN started to spike upwards.

The latest integration with BSC has introduced renewed consideration to REN which was hampered by excessive transaction prices on the Ethereum community.

With decentralized finance heating up, interoperability between blockchain networks is turning into important for a well-functioning market and REN is rising as a key piece in cross-chain interplay.