Rezo token price continues to struggle to find stability, days after listing on Binance. The token traded at 0.172 at 11.00 am UTCon Monday, after shedding 0.8% of its value. The coin is on course to record the second consecutive day of losses, after previously signaling an upside momentum to erase listing day losses. The token plunged by as much as 40% within the first hour of listing on Binance, as most token holders opted to take profit from their airdropped holdings. Those who bought the token on the first day of listing on Binance are currently at a loss, considering that the token’s initial listing price was 0.18.
Furthermore, Renzo has dropped significantly in its crypto market capitalization ranking. According to CoinmarketCap, Renzo’s market capitalization is currently down to $197 million, as of this writing, from a value of $289 million when it first listed.
Renzo protocol distributed REZ tokens in an airdrop on Tuesday April 30, with over 103,500 wallets benefiting The airdrop represented the distribution of 7% of $REZ token supply, and a second season of the airdrop will see 5% of the total $REZ supply distributed. The drop in the REZ coin price is not surprising, seeing that it was triggered by a rush to profit from airdropped tokens. This is a common phenomenon in the crypto market, and is especially expected, considering the post-halving market slump. Many investors are convinced that the crypto market could be headed for more declines before a return to stability.
Technical analysis
My Renzo coin price prediction shows that it pivots at 0.175, and the current momentum signals that the sellers are in control. The downside is likely to prevail if resistance remains at 0.175, and support will likely be at 1.750. A continuation of control by the sellers at that level will likely breach the support and possibly move REZ further down to test 0.165. On the other hand, a return above 0.175 will favour the buyers to take control and move up to find resistance at 0.180. If the buyers are still in control at that point, they will break the resistance and invalidate the downside view. Furthermore, they could move REZ coin price to test 0.185 in extension.
