Request Network powers funds by the blockchain
Request Network token gained 58% in at some point
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, based on Coinmarketcap. The complete buying and selling quantity rose by 2,654% in the identical interval. The features occur amid escalating crypto weak point, with Bitcoin sliding beneath $19,000. The complete features in the final 7 days have been 64.25%. There was no instant set off for the sturdy features. However, in the present day’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 considered one of the high-profile purchasers of Request Network. Other crypto tasks resembling MakerDAO, AAVE, and Chainstack additionally use the protocol.
REQ technical evaluation
Source – TradingView
Technically, the REQ value suggests a parabolic transfer since June 29. The established resistance is at $0.128. Although the value broke previous the resistance, it is crossing beneath it. This is the first sign that the value transfer might be unsustainable. The RSI additionally exhibits the value is retreating from an overbought stage. The MACD line could also be above the transferring common to counsel a bullish momentum. However, overbought circumstances and bearish pin bars at the resistance counsel downsides. Investors ought to search to shut positions and ebook income now.
Summary
We suggest a promote of REQ as bearish indicators emerge at key resistance. The lack of clear fundamentals driving the surge is additionally a purple flag. Sell now to keep away from a bull lure.
