The Request (REQ) worth elevated by 80% on October 10 and practically reached a brand new yearly excessive the subsequent day.
The rise triggered a breakout from a long-term descending resistance trendline. Can the value push to a brand new 2023 excessive?
Request Makes an attempt Breakout From Lengthy-Time period Sample
The REQ worth has fallen underneath a descending resistance trendline since Could 2022. The lower led to a low of $0.061 in August.
The low was necessary because it triggered a breakdown from the $0.070 horizontal assist space. The realm had beforehand supplied assist since June 22.
Regardless of the alleged breakdown, the altcoin regained its footing shortly afterward and commenced an upward motion on October 10, rising by 80%.
The rise took the REQ worth properly above the descending resistance trendline and led to a excessive of $0.122. The excessive is barely beneath the yearly excessive of $0.129.
The cryptocurrency couldn’t maintain the rise and is within the course of of making a protracted higher wick (purple icon) within the weekly timeframe.
Such a wick is taken into account an indication of promoting strain because it exhibits that sellers took over after patrons couldn’t preserve the rise.
REQ Value Prediction: Is New Yearly Excessive on the Playing cards?
The each day timeframe evaluation provides a bullish outlook for the cryptocurrency.
The primary purpose for this comes from the RSI. When evaluating market circumstances, merchants use the RSI as a momentum indicator to find out if a market is overbought or oversold and to resolve whether or not to build up or promote an asset.
If the RSI studying is above 50 and the development is upward, bulls nonetheless have a bonus, but when the studying is beneath 50, the alternative is true.
The indicator is rising and above 50, each indicators of a bullish development.
Furthermore, all the REQ worth improve preceded a bullish divergence within the RSI. Such a divergence happens when a momentum improve accompanies a worth lower. It’s usually related to bullish development reversals.
The worth motion can also be extra bullish since REQ has closed above the descending resistance line within the each day timeframe. This legitimizes the continuing breakout.
With a purpose to attain the $0.120 resistance space once more, REQ has to extend by one other 30%.
Regardless of this bullish REQ worth prediction, making a bearish each day candlestick can result in a 15% drop to the descending resistance trendline, which is presently at $0.076.
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Disclaimer
In keeping with the Belief Undertaking pointers, this worth evaluation article is for informational functions solely and shouldn’t be thought-about monetary or funding recommendation. BeInCrypto is dedicated to correct, unbiased reporting, however market circumstances are topic to vary with out discover. At all times conduct your individual analysis and seek the advice of with knowledgeable earlier than making any monetary selections.