ReddCoin (RDD) News – What is fueling the steady rally in ReddCoin (RDD)?

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Very few cryptocurrencies move in a slow and steady fashion. Most of the moves in cryptocurrencies are sporadic. That is why, when cryptocurrencies like ReddCoin (RDD) move steadily in the past 1 month and 3 months, it is actually a huge surprise. Before we delve into the reasons for the same, let us look at the performance of ReddCoin (RDD) in the past 3 months to understand exactly how it has performed.

What is fueling the steady rally in ReddCoin (RDD)?

3 months back, ReddCoin (RDD) was trading around $ 0.0013. The market cap was around $ 39.33 million. Currently, it is trading around $ 0.0018. The market cap is around $ 53.05 million. It is a rise of approximately 34% in just 3 months. Today as well, it is trading 4% higher.

Similarly, when you look at the performance of ReddCoin (RDD) in the past month, it has risen by approximately 50%. It clearly indicates that once it got into the groove, it has been consistently rising as well. The question which remains is what is fuelling the rally in ReddCoin (RDD). Only once that is clear, the investors will be able to decide on investing in ReddCoin (RDD).

Developments in ReddCoin (RDD):

In recent developments, on April 22; ReddCoin (RDD) crossed a technical resistance of the 200 days DMA. It clearly indicates that as long as it remains above that level, it will be able to rise even higher.

In the past 3 months, the volumes in ReddCoin (RDD) have risen from $ 1 million to $ 1.5 million. There have been plenty of spikes in between as well. It clearly indicates that the interest in ReddCoin (RDD) is increasing as well. Just after crossing the 200 day DMA on April 22, the volumes even rose to $ 3.5 million. It means that many investors and traders were looking closely at this level and therefore, they invested significantly after ReddCoin (RDD) rose to this level.

On the fundamental front, the development of ReddID is continuing as well. The traction which it is gaining is increasing. With the help of ReddCoin (RDD), many content creators can accept tips as well. Once the traction increases further, ReddCoin (RDD) will go even higher.

In terms of fundamentals, nothing is alarming right now in ReddCoin (RDD). On the other hand, the recent closing of the 200 days DMA makes it strategically poised. That is why; the volumes are increasing as well. The combination of these fundamentals and technical factors is fuelling the rally in ReddCoin (RDD).

About Riddhi 224 Articles
I am an electronics engineer and follow the crypto space closely.

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