Republic Protocol was recently added to Binance exchange and is currently sitting at a 12 million dollar market capitalization.
Republic Protocol is an open-source protocol powering dark pool exchanges. REN is a utility token that provides fuel and security to the engine.
Dark pools are currently a missing infrastructure component in the crypto ecosystem and exist for the purpose of facilitating large volume trades for institutional investors that would otherwise influence market conditions if displayed on book.
As a protocol, anyone will be able to build dark pool based exchanges or integrate dark pools into their current exchange infrastructure once the Republic Protocol team releases their sdk.
Speculation: Republic Protocol was added to Binance during peak bear market and at a very low valuation. The main net will enter a public phase in January, allowing anyone to run a node. The token exists for this purpose. Anyone holding 100k Ren reserves the right to deploy one of these nodes.
The current supply is around 600mm ren, with the rest of the tokens being locked by a long vesting period to ensure the team works towards the future. At an adjusted market cap based on the circulating supply, ren is actually sitting at a 7.5mm usd valuation.
The Republic Protocol team also announced RenVM, which will allow people to use the ren network for private compute operations.
When the public is allowed to launch Ren nodes, this will constrain the supply and increase demand for the token, leading to a potential appreciation in price.
TA: Only limited history is available on binance, but Ren is currently sitting around ATLs usd wise.
BTC wise, Ren has just broken this falling wedge structure to the upside and is pushing into a zone of resistance. However, the volume oscillator on the bottom of the chart indicates a shift of power from bears to bulls, signalling a potential ability for the technical pattern to play out.
DYOR as always, but I believe Ren to be a solid long term play and at least a potential short term flip based on public main net launch in January and the TA presented and the TA that is not able to be displayed on Tradingview.
Other infrastructure based protocols such as ZRX are currently trading at 100mm+ valuations, and Ren has some of the most actively developed GitHubs in all of crypto.
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Update: consolidating in triangle after wedge break to the upside... still below resistance.
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Ren sitting on potential support at 1D 200ma (all time chart)
Further / stronger support located at 450 or so sat.
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Price has broken upwards through the downward channel and local resistance block. Price is almost moving over the 200 ma/ema average.
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Next resistance block hit... new strong support at 550 or so
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Ren looks to be consolidating below the resistance block... maybe a flag formation? Short-medium term price action seems bullish.
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Currently sitting on 200/50 MAs on H1. Structure is bullish. Expecting a bounce from this region.
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Strong support at 550
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Support tested, resistance tested.
Looks range bound for the time being. Looking for a break up or down here.
Break up would test the 660 area again... likely more. Break down would test 500 or so.
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Support has broken down. Watching 500 area (next support zone). If this breaks down, we could test 470-480
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Possibility
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Watching 550 zone for support again. We have broken back up.
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Sitting right against resistance
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Broken out vs USD
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Breaking out vs. BTC now too... not much volume. Need volume for confirmation
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Why you wait for volume confirmation... breakout rejected... looking at 550 as strong support.
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Going for it again... still needs volume for confirmation or it will be rejected like last time
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Finally looks like a clean break / retest. I believe nodes will be open to the public on Jan 7, so timing makes sense.
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Solid confirmation. Still range bound. Looking for a break up through this resistance block
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USD chart break out maintained. Still need to crack second wedge resistance line
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Throwback in progress. I would suspect we test 470 sat or so
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Target of 470-480 still in play
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Breaking out vs USD
Breaking out vs BTC
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Potential bull pennant
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False breakout... broke back down into wedge structure
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And another one... let's see if it's the real deal
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Another failure. Looking like we will retest the bottom of the wedge after 2 failed attempts to break up
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Structure has clearly broken down. Looking at 430s as next buy zone
Thx for the update. Around 450-460 sat seems better to get some.
Jerome_Aki
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I agree
That team is unique, very pro and ambitious. Their project is not a fantasy at all.
It was one of the best Telegram group during the Ico period. All ran smooth & chats were at a high level. They're really smart & fun.
It's indeed a very good opportunity for a node at these prices :)
CryptoAtNight
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great write up. I'm not familiar with the candle colors in the chart but interesting trying to figure it out. Looking forward to more of this from you man. Merry Christmas!