Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesBotsEarnCopy
RedStone price awaits the next catalyst as it erases recent gains, trading near key support

RedStone price awaits the next catalyst as it erases recent gains, trading near key support

Crypto.NewsCrypto.News2025/03/30 16:00
By:By Darya Nassedkina

RedStone has erased all of its recent gains from the last major update, entering a period of consolidation as the market awaits the next catalyst.

RedStone ( RED ) has dropped to $0.50, marking an 18% decline over the past week and a 43% drop from its $0.89 peak on March 16.

On March 14, the modular oracle RedStone rolled out out the DRILL program , aiming to reward early adopters and accelerate the growth of the RedStone ecosystem by allocating 4.5% of the total RED token supply to core users. The announcement triggered a surge in the token’s price, reaching $0.7545 — its highest point since March 7. This upward momentum continued, with the price climbing further to $0.89 on March 16.

However, after peaking on March 16, RED has plunged into a clear downtrend. It has been trading below the 9-day exponential moving average since March 20. Volume has also been tapering off. The price is currently hovering around $0.50, a key support level where it has been consolidating since then.

RedStone price awaits the next catalyst as it erases recent gains, trading near key support image 0 Source: crypto.news

The Relative Strength Index sits at 47.21, indicating neutral momentum, with buying and selling pressures relatively balanced. This suggests that the market is in a wait-and-see mode, waiting for a catalyst to decide the next move.

A break above the 9-day EMA and $0.60 could signal a trend reversal, especially if RSI climbs above 50. A break below $0.50 could trigger further downside, with the next support levels at $0.45 and $0.40.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

VanEck Files for BNB ETF in Major Crypto Move

VanEck registers “VanEck BNB ETF” in Delaware, signaling a strong step toward launching a Binance Coin-backed ETF.What This Means for Binance Coin ($BNB)The Bigger Picture for Crypto ETFs

Coinomedia2025/04/02 13:44
VanEck Files for BNB ETF in Major Crypto Move

Metaplanet Acquires 160 BTC, Total Holdings Reach 4,206 BTC

Japan’s Metaplanet has reinforced its Bitcoin holdings with the recent acquisition of 160 BTC, bringing its total reserves to 4,206 BTC.

DeFi Planet2025/04/02 11:44
Metaplanet Acquires 160 BTC, Total Holdings Reach 4,206 BTC