The strong rise of bitcoin from $3,693.85 at the start of 2019 to highs of $13,880 last month has left many altcoins in ruins. Many people have dumped their crypto tokens in favor of the surging bitcoin.
While other crypto tokens suffered brutal devaluations against bitcoin, there’s one that has managed to go against the tide. Ren (REN/BTC) opened the year at 549 satoshis. Seven months later, it climbed as high as 1,342 satoshis. That’s an impressive 144.44 percent gain while almost every cryptocurrency has nosedived against bitcoin.
The best thing about Ren’s ascent is that the bull party is just getting started.
Ren Built a Solid Base for Over Seven Months
The primary reason why we believe that Ren could have tremendous upside potential is because of its lengthy accumulation period. A look at the daily chart shows that the crypto token was trapped in range accumulation from Dec. 6, 2018 to July 20, 2019. During that period, the cryptocurrency traded in a wide range between 400 satoshis and 890 satoshis.
With a solid base in place, Ren broke out of a large double bottom pattern on the weekly chart when it took out resistance of 890 satoshis on July 20. The breakout signaled the start of the uptrend from the macro perspective.