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The RedStone price skyrocketed 45% in the last 24 hours to trade at $0.7997 as of 09:20 p.m. EST on trading volume that surged 283% to $324 million.
RedStone Price On A Sustained Upward Trajectory
The RED price chart analysis on the 4-hour timeframe shows an overall bullish momentum following a previous period of consolidation.
The RedStone price has experienced a strong upward movement, pushing it past key Fibonacci retracement levels.
A significant breakout from support around $0.50 has led to a price surge toward $0.80, with resistance forming near the 0.382 Fibonacci retracement level at $0.9794. There is also a previous high at $1.46, which could act as a strong resistance point if the momentum continues.
The 50-day Simple Moving Average (SMA) at $0.5638 has been tested as support multiple times, indicating that the market is respecting this trendline. The SMA is curving upwards, reinforcing the bullish trend.
Meanwhile, the Relative Strength Index (RSI) is currently at 72.29, signaling overbought conditions. This suggests that the price of RED may face some short-term pullbacks as traders take profits.
However, RSI above 70 does not necessarily mean an immediate reversal. If RSI remains above 60, it could sustain the bullish trend.
The Moving Average Convergence Divergence (MACD) line (0.0677) is above the signal line (0.0367), which confirms bullish momentum.
RED/USDT Chart Analysis (Tradingview)
RED Price Prediction
According to the RedStone price analysis, the price trend remains bullish as long as $0.6828 holds as support. If the price of RED consolidates above this level and volume remains strong, we could see a push toward $0.98 and potentially $1.46 in the coming sessions.
However, with the RSI in the overbought zone, there is a likelihood of a short-term pullback. A retracement to $0.68 or even $0.56 (50-day SMA) would provide healthy re-entry opportunities before another bullish leg.
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