Despite its heavy pullbacks in price, the network continues to perform better now in this bear market.A quick review of what REDD COIN is.
Reddcoin is "a decentralized tip platform that allows people to send and receive digital currency on social networks to anyone in the world and to support content creators through donations."
Reddcoin existed as a pure proof-of-work coin for roughly 4 years, at which point it transitioned to proof-of-stake with a 5% perpetual annual inflation rate. ~27 billion RDD were released through Proof-of-work mining before the switch to Proof-of-stake.
Age 4yrs 4mos
Marketcap (current) $155.23M
Price (USD) 0.54 cents
Price (BTC) 83 sats
24hr Change (%) +6.47%
24hr Trade Volume $2.43M
All Time High 2.66 cents
All Time High Date 2018-1-7
% down from ATH 79.77%
1 week -5%
1 month -28%
3 months 2%
1 year 166%
3 years 40,126%
After RDD lost -79.77% from it ALL-TIME-HIGH, price is currently ranging at a stong support hovering to makinga new hight. To determine its next price move, two chart patterns will be used to check it trend.
THE FALLING WEDGE CHART PATTERN
On the daily time frame, a loose falling wedge has been respected but the with a lot of space in the wedge. The completion of the falling wedge pattern was a a result of the bear market and the indecision candlestick(DOJI), which did not turn out to be a straight price move to the upside.
As clearly seen a falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower.
WHILE IT WAS STILL INSIDE THE WEDGE:
A huge inverted HEAD&SHOULDERS forming. With a high target of 0.04usd up to 0.05usd.The right shoulder needs to be completed, before those highs will be reached.AS SHOWN BELOW:
Tehcnicals suggests that an emerging bullish trend is current heating up, as the wedge is broken which suggest that a position shoulde be taken at its current price.
BUY: 0.00000089sats down to 0.00000087sats
SELL:0.00000121sats up to 0.00000149sats
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.