RedStone bulls eye $1 as RED breaks past KEY supply zone!
Journalist
Posted:
Key Takeaways
Following the Upbit itemizing on Friday, RedStone token costs surged 66% on the day, breaking above the $0.5 provide zone. Bulls wish to see sustained shopping for strain to drive RED even increased.
RedStone [RED], the fast-growing oracle token, witnessed a 101% surge in every day buying and selling quantity over the previous 24 hours at press time.
Nevertheless, CoinMarketCap data revealed that the amount surge got here alongside a considerable short-term worth drop of 9.38% in 24 hours.
Throughout the identical interval, Bitcoin [BTC] and Ethereum [ETH] posted losses of 1.78% and a pair of.09% respectively. The whole altcoin market capitalization had dipped 1.3% in 24 hours, serving to clarify the RedStone worth losses.
What was the long-term and short-term development of the token, and do you have to purchase, promote, or await higher market situations?
Can RedStone bulls defend the latest positive factors?
The catalyst behind the swift rally, on the fifth of September, was the Upbit itemizing announcement. On the highest level of $1.19, RED had rallied 193% for the day.
The RED/USDT pair on Binance noticed $139.57 million in spot buying and selling quantity on the day, in comparison with the 20-day common quantity of simply $17 million.
Supply: RED/USDT on TradingView
A great chunk of the transfer has been shed to promoting strain and profit-taking. A set of Fibonacci retracement ranges was plotted based mostly on the day’s exceptional rally. It confirmed that the $0.573 was a key help.
Additional south, the $0.5 demand zone was a psychological and technical space for the patrons to defend. It had been a resistance since April, and a retest as help ought to supply shopping for alternative.
To the north, the following worth targets had been $0.7, $0.9, the round-number resistance at $1, and the $1.19 degree, which was the excessive on the fifth of September.
The OBV surged increased following the latest shopping for spree, and the Superior Oscillator famous bullish momentum with no signal of a bearish divergence, at press time.
The Shifting Averages haven’t but caught as much as the worth after its one-day surge of 65.87%.
Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion
