ReddCoin (RDD) – market reaction to the ReddID release
Updated
Reddcoin is a micro tipping platform for sending tips over the social networks. On the 1st of October ReddCon has announce the release of the ReddID, that has to simplify the process of “social tipping”. The ReddID enables Reddcoin holders to name the wallet instead of using a complex 16 characters jumble.
Indeed, this should make the social tipping much faster, easier and user-friendly, but the question is whether Reddcoin will be able to compete in this marketplace.
Based on the market reaction, the ReddID wasn’t something very exciting as after the announcement price went down. Lets have a closer look at the chart.
On the 1st of October, when the ReddID has been released, price has bounced off the 82 satoshis level, that is 78.6% Fibonacci retracement. Currently RDD/BTC is trading at 61 satoshis, which is 26% lower from the date when ReddID was released. Clearly, not much of a positive reaction by the market participants, but instead a disappointment?
The price is approaching 45-55 satoshis support area, which corresponds with the 23.6-38.2% Fibonacci levels and the point where the uptrend trendline has been rejected on the 21st of September. It could be a strong support for Reddcoin, triggering another attempt to go higher. But at this point, as the resistance is holding, RDD might consolidate or even reverse to the downside.
Below are the important levels to watch.
Support:
1. 55 satoshis
2. 46 satoshis
3. 29 satoshis
Resistance:
1. 82 satoshis
2. 112 satoshis
3. 137 satoshis
Break above 82 sats or below 46 sats could trigger the next wave. Where? It depends whether it will be the upside or a downside breakout. On the upside, price could reach 137 satoshis. On the downside, price could go as low as 30 satoshis.
Based on the Fibonacci Time Zone indicator, most recent wave has started on the 15th of August, while the next wave will start on the 25th of December. As the RSI downtrend was broken, the probability of the uptrend continuation seems to be higher. Therefore, the end of the year could be the end of the current wave upwards, unless the support is broken.
Indeed, this should make the social tipping much faster, easier and user-friendly, but the question is whether Reddcoin will be able to compete in this marketplace.
Based on the market reaction, the ReddID wasn’t something very exciting as after the announcement price went down. Lets have a closer look at the chart.
On the 1st of October, when the ReddID has been released, price has bounced off the 82 satoshis level, that is 78.6% Fibonacci retracement. Currently RDD/BTC is trading at 61 satoshis, which is 26% lower from the date when ReddID was released. Clearly, not much of a positive reaction by the market participants, but instead a disappointment?
The price is approaching 45-55 satoshis support area, which corresponds with the 23.6-38.2% Fibonacci levels and the point where the uptrend trendline has been rejected on the 21st of September. It could be a strong support for Reddcoin, triggering another attempt to go higher. But at this point, as the resistance is holding, RDD might consolidate or even reverse to the downside.
Below are the important levels to watch.
Support:
1. 55 satoshis
2. 46 satoshis
3. 29 satoshis
Resistance:
1. 82 satoshis
2. 112 satoshis
3. 137 satoshis
Break above 82 sats or below 46 sats could trigger the next wave. Where? It depends whether it will be the upside or a downside breakout. On the upside, price could reach 137 satoshis. On the downside, price could go as low as 30 satoshis.
Based on the Fibonacci Time Zone indicator, most recent wave has started on the 15th of August, while the next wave will start on the 25th of December. As the RSI downtrend was broken, the probability of the uptrend continuation seems to be higher. Therefore, the end of the year could be the end of the current wave upwards, unless the support is broken.
Note
Reddcoin at the supportNote
Support is holding, the question now will the price reverse to the upside
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