The Price of RenQ Finance Nosedives to an all-time low amidst a dip in Bitcoin!

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With today’s Bitcoin price drop, the downward trend in “RenQ Finance” price appears to have been deeply intensified.

The BTC dropped below 29,000 on Monday before it slightly recovered.

It prompted a huge sell-off in other altcoins, such as “RENQ crypto”, which dropped to its all-time low.

BTC price was caught in a very tight trading range before it dropped today.

The BTC struggled to move above $31,000 resistance quite a few times but could not.

As a result the selling pressure increased considerably, before it dipped to its lowest level in the four weeks.

The Seventh Successive Week price drop in RENQ Crypto!

On the “MEXC” exchange RENQ dropped to $0.007115 on, Monday.

Since its listing on 22nd May 2023, it’s the lowest level for this digital asset.

From its listing price of $0.02, there was 61.73% decline.

There have been huge unrealized losses for all the presale investors.

Since Past seven weeks, the project is on a losing streak.

There has been 8.24% price fall during the first trading session.

Presale Investors in Anguish!

There have been five different RenQ Finance presale stages.

After every stage, there has been a price increase.

STAGE 1 - $0.02 per coin

But after the gradual increase, the stage 5 presale buyers had to pay $0.055 per coin.

At present, there is a 87% drop and the token is at $0.00748.

In a bid to connect all the isolated blockchains, the project is being marketed as a “DeFi platform”.

RenQ Finance also targets to launch a “cross-chain asset exchange network”, but there has been no development since its launch. Perhaps the presales buyers are losing their faith in the project.

Is it Legit – The RenQ Finance?

The RenQ Finance legitimacy is debatable.

Some believe it potentially can be a major player in the DeFi space and is legitimate, however some disagree and believe it to be not legit, since the team behind the project appears to be anonymous.

Though the website does list few names, but the information is way too little, hence putting a red flag and the “project’s legitimacy” quite difficult to verify.

The Price Forecast - RenQ Finance!

Being a new project, accurate price prediction will be difficult. But in general it does not appear to be a good investment at present. Even the presales buyers have failed to generate any returns for them.

The chart below depicts, RENQ, making lower highs & lower lows since its listing on “MEXC exchange”.

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On 22nd May 2023, it hit an alltime high of $0.04 and since then, this level has never been revisited. The price really needs to break out of the plunging trend-line to show some real strength to prove some worth.

Posted Using LeoFinance Alpha