While the price of Bitcoin drops below $27,000, REQ Coin’s price unexpectedly rises. But why? REQ Coin is one of the top-performing altcoins on the Binance exchange. Today, it climbed up to $0.122, proving the validity of our long-standing warnings.
Request (REQ) Coin
On the Binance exchange, it is currently the altcoin with the highest increase and is maintaining more than half of its gains. In May 2022, the price fell below the descending trend line, reaching a low of $0.061 in August 2023. This drop was significant due to the loss of the critical support level at $0.07. The support zone had been in place since June 2022 to limit losses.
However, today the price rebounded from the bottom, reaching $0.122 with an 80% increase. This surge pushed the REQ price well above the descending resistance trend line and it is now just below the peak of $0.129.
So, what was the reason behind this increase? There was nothing that would require a sudden increase in volume, so it was a speculative surge. It seems to be a movement triggered by those who saw the volume shortage as an opportunity due to the lack of market makers.
REQ Coin Price Predictions
As the volume of purchases begins to be offloaded back into the market, REQ Coin has started to return its gains. A bearish candle is forming on the weekly chart, and if the RSI continues to close below 50, sellers may become more confident.
On the other hand, the daily chart suggests that if the closing zone above the descending resistance line is maintained, the upward momentum could revive. If buyers return to the scene, they must surpass the resistance area at $0.12. However, in the opposite scenario, we may see the price drop to $0.076.
If $0.076 is also lost, there will be little reason to see a deeper dip. This would indicate a drop below $0.06. Despite surpassing the previous peak for now, the price has a similar downward trend to previous unsuccessful attempts. This is enough reason for investors to be cautious.
Considering the increasing negativity in the prices of Bitcoin and popular altcoins, we can say that the altcoins showing positive divergence cannot sustain this for a long time.
