Bitcoin
BTC$43 081.91

1.35%

Ethereum
ETH$2 973.82

2.01%

Cardano
ADA$2.27

-2.69%

Tether
USDT$1.000723

-0.06%

Binance Coin
BNB$342.55

-2.18%

XRP
XRP$0.942011

0.16%

ReddCoin (RDD): The Coin that Didn't Notice the Crisis


#ReddCoin

To paraphrase the known saying, one currency's poison is another currency's meat. It means that while the overwhelming majority of cryptocurrencies are still dealing with the consequences of the flash-crash of March 12-13, the coins like ReddCoins (RDD) have already buckled up and sat on the rollercoaster ride to the upside that may well end up in a secondary uptrend.

The fundamental value of ReddCoin


RDD belongs to the group of old-timers, which emerged in 2014 when people had hardly ever heard of cryptocurrencies and blockchain. The team members claim that they were the first who came up with an idea of tipping content creators on social media in cryptocurrency.

The platform now affords an opportunity to send micro-donation on such vastly popular outlets as Twitter and Reddit. The network uses the Proof-of-Stake-Velocity (PoSV) algorithm that allows wallet owners to mine RDD and use them for tipping. ReddCoin itself is a fork of Litecoin, which, ironically, has been doing a lot better recently than the parent currency.

Since 2017, RDD has been getting competition from the likes of Steem (STEEM) and Basic Attention Token (BAT), both of which employ the concepts that bear similarity to the one of ReddCoin. Despite that, the coin seems to be thriving despite being near the bottom of the top 100 (RDD is ranked 87th) and having a modest market capitalization of $57 million and an equally unpretentious average daily trading volume that rarely goes above $1 million.

Nevertheless, the coin is being actively traded on Bittrex, the cryptocurrency exchange with one of the highest liquidity, and on smaller platforms like VCC Exchange. Although the volume is not that great, RDD has never been accused of malicious price manipulations, so those who want to make an honest buck of ReddCoin's revival can do so until the upward momentum lasts.

The COVID-19 crash released the price spring


Before engaging in the analysis of price action, please have a quick look at RDD's gaining profile to convince yourself that it is worth trading, at least in the short term. 

RDD's gaining profile

And to prove the point further, here is the all-time chart which clearly shows Reddcoin breaking out of the confinement of the descending wedge with evident intentions towards establishing a secondary uptrend if the price manages to crack the previous yearly high at $0.0026.

All-time RDD price chart

But the most amazing feat associated with ReddCoin is its behavior after the recent market crash, in the aftermath of which the currency had lost not a lot of its value - 54%. The consolidation that followed lasted for nearly seven weeks and resulted in a rocket-like rise to the upside, which is still in place.

1-day RDD/USDT chart

Such a swift move to the upside was caused, among other things, by the soft-fork consensus upgrade, which improved the system's PoSV algorithm to version 2. The positive effect from this important fundamental improvement will allow the coin to break the historical resistance at $0.0025, which it had already tested but was forced by the bears to go into a bullish flag formation. But most importantly, the RDD's bullish ambitions are substantiated by its disposition above moving averages (50 EMA on the chart), the fact that the 14-period RSI has barely entered the overbought region, and MACD being high in the bullish zone.

We conclude that ReddCoin has the highest probability of resolving the bullish flag to the upside and breaching the resistance. Otherwise, it will get trapped in the range for a protracted period of time.

Author: Alex Paulson for Crypto-Rating.com

Related

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 81.2% 35 $43 081.91 1.35% -8.98% $811 087 159 268 $32 566 242 601
2 Ethereum (ETH) ETH Ethereum predictions 72.8% 49 $2 973.82 2.01% -10.60% $349 960 860 996 $21 587 502 761
3 Cardano (ADA) ADA Cardano predictions 62.4% 80 $2.27 -2.69% -2.67% $72 581 341 919 $5 657 027 599
4 Tether (USDT) USDT Tether predictions 93.2% 1 $1.000723 -0.06% 0.06% $68 592 541 921 $78 405 017 855
5 Binance Coin (BNB) BNB Binance Coin predictions 66.4% 69 $342.55 -2.18% -15.33% $57 594 887 329 $1 834 859 342
6 XRP (XRP) XRP XRP predictions 72% 52 $0.942011 0.16% -11.07% $44 008 512 090 $3 471 846 458
7 Solana (SOL) SOL Solana predictions 66.8% 73 $134.99 -3.62% -13.48% $40 130 984 296 $2 394 353 078
8 USD Coin (USDC) USDC USD Coin predictions 92% 1 $1.000373 -0.04% 0.04% $30 961 410 947 $3 802 192 647
9 Polkadot (DOT) DOT Polkadot predictions 67.6% 69 $29.14 -4.71% -12.32% $28 777 972 657 $2 530 767 375
10 Dogecoin (DOGE) DOGE Dogecoin predictions 62% 77 $0.204356 -1.83% -12.96% $26 862 009 468 $1 490 518 775
11 Avalanche (AVAX) AVAX Avalanche predictions 61.2% 87 $67.41 -4.29% -4.38% $14 849 661 345 $1 216 715 313
12 Terra (LUNA) LUNA Terra predictions 69.2% 59 $36.08 -4.62% 4.12% $14 432 557 786 $1 639 919 020
13 UniSwap (UNI) UNI UniSwap predictions 65.6% 74 $22.79 17.61% -3.84% $13 937 536 203 $1 041 192 676
14 Binance USD (BUSD) BUSD Binance USD predictions 94.4% 1 $1.000271 -0.06% 0.03% $13 693 035 619 $5 465 909 777
15 Chainlink (LINK) LINK Chainlink predictions 67.2% 70 $24.73 9.02% -10.79% $11 252 316 912 $1 925 712 695

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.