Rez Crypto rose by 60% after 60% after he was mentioned on Coinbase. What is Rez and is it on the way to more potential profit?
According to data from Coingecko, Renzo (Rez) came to an intraday high from $ 0.032, more than 145% higher than the lowest point this year. The market capitalization of the Altcoin was $ 63 million, while the daily trade volume more than doubled at almost $ 281 million in the previous day.
Rez’s profit was accompanied by an increase in the demand from derivatives traders. According to Coinglass data, the open interest in its Futures market increased by 92% to a record high of $ 42 million. However, weighted financing percentages have fallen further in negative territory, because most traders seem to bet on a possible price decrease in the short term.
Most of the win came today after Rez recently one offer On Coinbase on the Ethereum (ERC-20 token) network. The Altcoin has been gathering since the exhibition has announced its offer.
On March 5, it shot more than 41% after Coinbase first revealed that the Renzo would mention. Since then, token has reduced more than 82% and reached a monthly high point of $ 0.032 on 7 March.
The rally is supported by increased whale activity, with the number of large holders’ addresses that spike between 10,000 to 100 million tokens in the last 24 hours, while the number of daily active addresses on the network has risen over the past 2 days.
Analysts to believe Rez could maintain his bullish process, as long as it applies above the most important support range from $ 0.01674 to $ 0.01724.
Technical indicators also form a bullish look at the Altcoin, which probably support more profit.
On the 1-day/USDT price diagram, the Aroon Up indicator confirms a strong purchasing pressure with 28.57% with 28.57%, which indicates a dominant upward trend. The MacD and signal lines have gone up and present the potential of a bullish reversal, which can lead to more profit in the coming days.
SALE SALE
However, the rally can come to an abrupt end due to the pressure on the sales side. During writing, Rez had lost part of the profit of the last day, but rose by 41.5%.
Some members of the community are worried About a potential sale by VC funds and the Renzo team, which currently have a combined 51.6% of the total stock of the Altcoin.
List on a large crypto exchange such as Coinbase or Binance usually leads to a significant increase in the price of the related asset. However, they tend to be confronted with an average drop after such entries.
As Crypto.news reported earlier, Rez fell by 43%after the earlier list on Binance.
What is Rez Crypto?
Founded in 2023, the American Renzo is a re-entangled protocol with which users can disable a variety of crypto-assets and at the same time offer functions, such as automatically component rewards and automated risk management.
Rez, which serves as an indigenous and administrative tilts, can be restored via Opsterlaer, so that holders can protect various actively validated services and earn extra rewards.
In addition to Coinbase, Rez is available on various large crypto fairs, including Binance, Gate.io, Kraken and Kucin, among other things.
Publication: This article does not represent investment advice. The content and materials on this page are only for educational purposes.
