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Monday, August 8, 2022
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    HomeMarketWhat is the bull case for Request Network’s REQ?

    What is the bull case for Request Network’s REQ?

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    • Request Community powers funds via the blockchain

    • Request Community token gained 58% in sooner or later 

    • REQ might crash as bearish indicators emerge at resistance

    Request Community’s token REQ/USD was the speak of merchants on Thursday. The crypto-token posted spectacular positive factors of 58.21% in 24 hours, in response to Coinmarketcap. The overall buying and selling quantity rose by 2,654% in the identical interval. The positive factors occur amid escalating crypto weak spot, with Bitcoin sliding beneath $19,000. The overall positive factors within the final 7 days have been 64.25%. There was no instant set off for the strong positive factors. Nevertheless, at the moment’s positive factors make it price exploring extra concerning the protocol.

    Request Community is a fee protocol for fee requests. It’s constructed on the Ethereum blockchain and allows people to request funds. It’s considered a bridge between the digital and bodily world of funds. REQ is the native token that powers the community.

    Because the decentralization of finance continues to develop, the Request Community will develop. Since its launch in January 2021, the community has processed greater than $203 million in crypto invoices. Metaverse large, The Sandbox is likely one of the high-profile purchasers of Request Community. Different crypto tasks equivalent to MakerDAO, AAVE, and Chainstack additionally use the protocol.

    REQ technical evaluation

    Supply – TradingView

    Technically, the REQ value suggests a parabolic transfer since June 29. The established resistance is at $0.128. Though the value broke previous the resistance, it’s crossing beneath it. That is the primary sign that the value transfer may very well 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 recommend a bullish momentum. Nevertheless, overbought situations and bearish pin bars on the resistance recommend downsides. Buyers ought to search to shut positions and e book income now.

    Abstract

    We suggest a promote of REQ as bearish indicators emerge at key resistance. The dearth of clear fundamentals driving the surge can also be a crimson flag. Promote now to keep away from a bull entice.



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