Reddit points tokens have received a lot of attention from the cryptocurrency industry over the past few weeks. Despite recording a correction of around 20% in the last 24 hours, the Reddit-based token has seen notable gains this month.
At the time of this writing, the market capitalization of this category was $57.1 million and there were only three tokens listed.
r/CryptoCurrency Moons (MOON):
MOON price traded in a closed range between $0.0927 and $0.166 for a short period of time, after which the bulls regained momentum and successfully broke through the resistance level. The price then traded between $0.166 and $0.257 over the next three weeks.
Since then, market volatility has increased and the bull has gained a lot of attention in the cryptocurrency market, with a surge of about 160% in a few hours. After being rejected at $0.5672, the price continued to trade under the influence of a downtrend.
The Relative Strength Index (RSI) shows a neutral trend on the chart, which suggests weak price action of altcoins in the market. Additionally, the average shows a sustained decline, suggesting uncertainty about the token’s future price action.
If the market holds the price above the support level of $0.347, the bulls will regain momentum and prepare to retest this month’s high of $0.760. Conversely, if bears continue to dominate the market, we will likely move lower and prepare to test the lower support level of $0.166 in the future.
Donut (donut):
Even though the Donut token recorded a 10% correction in the last 24 hours, its price has shown strong bullish movements over the past few weeks, indicating a positive outlook for the altcoin from a long-term perspective. Additionally, the price of DONUT has risen approximately 300% this year, attracting great attention in the cryptocurrency industry.
Positively, if the market holds the price above the support level of $0.020, the bulls will regain momentum and prepare to test the upper resistance level of $0.0350 by the end of the month. Conversely, a bearish reversal could push the price up to future lows of $0.005.