Journalist
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Main to remember
After the Upbit list on Friday, the prices of the Redstone tokens jumped 66% on the day, exceeding the supply area of $ 0.5. The bulls would like to see a sustained purchase pressure to drive the red even higher.
Redstone (RED), the fast -growing oracle token, attended a 101% increase in daily trading volume during the last 24 hours at the time of the press.
However, CoinMarketCap data revealed that volume overvoltage came next to a substantial short -term price drop of 9.38% in 24 hours.
During the same period, Bitcoin (BTC) and Ethereum (ETH) displayed losses of 1.78% and 2.09% respectively. Altcoin’s total market capitalization fell 1.3% in 24 hours, which helps explain Redstone’s price losses.
What was the long-term and short-term trend of the token, and should you buy, sell or wait for better market conditions?
Can Redstone Bulls defend recent gains?
The catalyst behind the Swift rally on September 5 was the announcement of the Upbit list. At the highest point of $ 1.19, Red had rallied 193% for the day.
The Red / USDT pair on Binance saw $ 139.57 million in cash volume in cash during the day, compared to the average volume of only 20 days of $ 17 million.
Source: Red / USDT on tradingView
A good part of the move was devoted to pressure sale and profits. A set of Fibonacci trace levels was traced according to the remarkable rally of the day. He showed that $ 0.573 was a key support.
Further south, the $ 0.5 application area was a psychological and technical area to defend buyers. It was a resistance since April, and a retest as a support should offer a good buying opportunity.
In the north, the following price targets were $ 0.7, $ 0.9, round image resistance at $ 1 and the $ 1.19 level, which was the highest of September 5.
The OBR increased above after the recent wave of purchase, and the impressive oscillator noted a bullish momentum without a sign of a downward divergence, at the time of the press.
The mobile averages have not yet caught up the price after its rise of a day of 65.87%.
Notice of non-responsibility: The information presented does not constitute financial investments, exchanges or other types of advice and is only the opinion of the writer
