No products in the cart.
What is the bull case for Request Network’s REQ as price pumps 58% in 24 hours?
Request Network powers payments through the blockchain
Request Network token gained 58% in one day
REQ could crash as bearish signals emerge at resistance
Request Network’s token REQ/USD was the talk of traders on Thursday. The crypto-token posted impressive gains of 58.21% in 24 hours, according to Coinmarketcap. The total trading volume rose by 2,654% in the same period. The gains happen amid escalating crypto weakness, with Bitcoin sliding below $19,000. The total gains in the last 7 days were 64.25%. There was no immediate trigger for the robust gains. However, today’s gains make it worth exploring more about the protocol.
Request Network is a payment protocol for payment requests. It is built on the Ethereum blockchain and enables individuals to request payments. It is regarded as a bridge between the digital and physical world of payments. REQ is the native token that powers the network.
As the decentralization of finance continues to grow, the Request Network will grow. Since its launch in January 2021, the network has processed more than $203 million in crypto invoices. Metaverse giant, The Sandbox is one of the high-profile clients of Request Network. Other crypto projects such as MakerDAO, AAVE, and Chainstack also use the protocol.
REQ technical analysis
Source – TradingView
Technically, the REQ price suggests a parabolic move since June 29. The established resistance is at $0.128. Although the price broke past the resistance, it is crossing below it. This is the first signal that the price move could be unsustainable. The RSI also shows the price is retreating from an overbought level. The MACD line may be above the moving average to suggest a bullish momentum. However, overbought conditions and bearish pin bars at the resistance suggest downsides. Investors should seek to close positions and book profits now.
We recommend a sell of REQ as bearish signals emerge at key resistance. The lack of clear fundamentals driving the surge is also a red flag. Sell now to avoid a bull trap.
The post What is the bull case for Request Network’s REQ as price pumps 58% in 24 hours? appeared first on CoinJournal.
- October 2022 (13)
- September 2022 (540)
- August 2022 (519)
- July 2022 (418)
- June 2022 (416)
- May 2022 (369)
- April 2022 (367)
- March 2022 (505)
- February 2022 (455)
- January 2022 (435)
- December 2021 (428)
- November 2021 (367)
- October 2021 (359)
- September 2021 (357)
- August 2021 (126)
- July 2021 (21)
- June 2021 (19)
- May 2021 (4)
- April 2021 (6)
- March 2021 (23)
- February 2021 (23)
- January 2021 (27)
- August 2020 (1)
- July 2020 (7)
- June 2020 (1)
- April 2020 (2)
- TIDEFI Mainnet And DEX App Goes Live As TDFY Sunrise Pool Token Distribution Nears
- TA: Ethereum Price Recovery Could Soon Fade If ETH Fails To Surpass $1,350
- Bitcoin Price Keeps Struggling, What Could Trigger Another Downtrend
- Helium (HNT) Holds Gains Amid Market Downtrend
- Quant (QNT) Marks Positive Movement When Major Coins Face Dumps