REN / USD was one of the best performers in the cryptocurrency market in recent weeks, and the price of this cryptocurrency has advanced from $ 0.43 above $ 1.3 since the beginning of August 2021. The current price is 1.20 dollars, and if you decide to trade REN, you should always use a stop-loss order because the risk is still high.
RenVM is working on new features
RenVM is a decentralized network that empowers application interoperability, allowing cross-chain loans, exchanges, guarantees, and more. It allows developers to bring cross-chain functionality to their DeFi applications, and it is important to mention that RenVM allows secret calculation over multiple inputs and multiple parties.
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RenVM adds more liquid assets to the Ethereum ecosystem, directly enhancing the utility of DeFi. RenVM works with a network of machines called Darknodes that obtain a part of the volume of transactions through this network.
REN is the utility token of the RenVM network, and the requirement to run a Darknode is 100,000 REN staked as collateral. RenVM can be combined with existing DeFi and blockchain applications, and because of this, any DeFi application can incorporate RenVM’s capabilities into its existing smart contracts and applications.
This network has a high level of security and is continually working on new features, which is very important for the expanding Ren VM ecosystem. The RenVM team reported:
RenVM continues to gain steady traction in each ecosystem in which it expands; focuses on improving tools and testing the stability and security of upcoming features.
REN has exploded since the beginning of August 2021, and this cryptocurrency continues to trade in a bull market. REN’s daily volume remains high, but the current price appreciation has a less fundamental undertone.
Bulls control the REN
This cryptocurrency has made a huge leap in a short period and if you decide to buy REN, you should consider that the price could also weaken from current levels.
If larger investors unexpectedly sell a substantial amount of REN, it could result in an extreme correction, as a small price change could lead to sell-offs by highly-leveraged traders.
Data source: tradingview.com
Currently, REN is trading around the $ 1.20 level, but it would be a strong sell signal if the price falls below the $ 1 support. The next price target could be $ 0.8 or even lower; even so, if the price jumps above $ 1.40, we have a clear path to $ 1.50.
RenVM works with a network of machines called Darknodes and integrates assets like Bitcoin, Bitcoin Cash Doge and Zcash to its decentralized application. REN is the utility token of the RenVM network, and it was one of the best in the cryptocurrency market in recent weeks.
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