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Request Network powers funds by means of the blockchain
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Request Network token gained 58% in someday
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REQ might crash as bearish indicators emerge at resistance
Request Network’s token REQ/USD was the speak of merchants on Thursday. The crypto-token posted spectacular features of 58.21% in 24 hours, in response to Coinmarketcap. The whole buying and selling quantity rose by 2,654% in the identical interval. The features occur amid escalating crypto weak spot, with Bitcoin sliding beneath $19,000. The whole features in the final 7 days had been 64.25%. There was no rapid set off for the strong features. However, at this time’s features make it price exploring extra about the protocol.
Request Network is a fee protocol for fee requests. It is constructed on the Ethereum blockchain and allows people to request funds. It is thought to be a bridge between the digital and bodily world of funds. REQ is the native token that powers the community.
As the decentralization of finance continues to develop, the Request Network will develop. Since its launch in January 2021, the community has processed greater than $203 million in crypto invoices. Metaverse big, The Sandbox is one in every of the high-profile purchasers of Request Network. Other crypto tasks equivalent to MakerDAO, AAVE, and Chainstack additionally use the protocol.
REQ technical evaluation
Source – TradingView
Technically, the REQ worth suggests a parabolic transfer since June 29. The established resistance is at $0.128. Although the worth broke previous the resistance, it is crossing beneath it. This is the first sign that the worth transfer may very well be unsustainable. The RSI additionally exhibits the worth is retreating from an overbought stage. The MACD line could also be above the shifting common to counsel a bullish momentum. However, overbought situations and bearish pin bars at the resistance counsel downsides. Investors ought to search to shut positions and e book earnings now.
Summary
We advocate a promote of REQ as bearish indicators emerge at key resistance. The lack of clear fundamentals driving the surge is additionally a pink flag. Sell now to keep away from a bull entice.
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