REN is an open-source protocol developed to provide interoperability and fluidity between different blockchain platforms.
The REN token serves as a binding for anyone running a node that authorizes RenVM which is known as Darknodes.
Ren was founded by Taiyang Zhang in 2017 which was initially known as Republic Protocol before being officially launched in January 2018 under a new name which is REN.
The growth of this REN network also aims to further expand interoperability with accessibility to decentralized finance (DeFi) by resolving barriers that occur in inter -blockchain liquidity.
The latest development where Solana supports Bitcoin (BTC), Dogecoin (DOGE) through integration with RenVM.
Looking at the REN/USDT chart, the REN price movement is seen to have seen a jump of more than 500% to record the latest all -time high (ATH) at the $ 1.84 price level on 20 February.
However, the surge was not sustained when the REN price declined again and on April 18, the price movement made a drastic decline of up to 100% within 1 hour before the price rebounded again.
But the REN price movement continues to be driven to decline up to the support level of $ 0.30- $ 0.40 which is also the opening level of the 2021 market.
The next expectation is that if the REN price does not get positive sentiment, the REN price is expected to continue to make lower declines and may pass the support level of $ 0.30- $ 0.40.
The lower decline will lead to the price level around $ 0.20 and the decline will also record the lowest level for the 2021 market.
However, if the REN price rises again, the SBR (support become resistance) zone around $ 0.60 will be the main focus for investors to test before waiting for the next direction.
As of 4.30pm local time, the REN price continued to decline over 9% to trade at the $ 0.37 price level.
