RedStone crypto price went parabolic on Friday, reaching its highest level since July 20. RED has jumped by over 100% in the past few days, making it one of the best-performing tokens in crypto. This article explores the top reasons why RED has jumped.
Upbit Listing, Whale Buying, and Credora Buyout
There are three main reasons why the RedStone price surged today. The main catalyst was that it was listed by Upbit, the biggest crypto exchange in South Korea, one of the most active countries in the crypto trading industry.
It is common for cryptocurrencies to surge when listed on Upbit as many Koreans go on a buying spree. Data shows that RedStone’s volume on the exchange rose to over $165 million after listing.
Second, RED price jumped as it continued to grow its ecosystem in its bid to become the biggest player in the oracle industry. As part of expanding its business, RedStone acquired Credora this week, a move that introduces independent credit ratings to the network.
RedStone has already achieved a lot, as it has become the third-biggest oracle in terms of total value secured (TVS). It has over $7.27 billion in assets, making it only smaller to Chainlink and Chronicle.
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Third, RED price jumped as whales and smart money investors continued buying. Data shows that whale holdings have jumped by over 1000% in the last 30 days. At the same time, the volume of RED tokens on exchanges dropped by 46% in the last 30 days.
The risk, however, is that exchange-listings surge tend to be short-lived unless there is a follow up catalyst.
RedStone Crypto Price Technical Analysis
The daily timeframe chart shows that the RED crypto price bottomed at $0.0007835, where it formed a double-bottom. It moved slightly above the neckline at $0.001590.
The RED price has moved above the 50-day moving average, while the Relative Strength Index (RSI). Therefore, the most likely scenario is where the token drops to $0.0010 as the impact of the Upbit listing fades. It will then bounce back in the coming weeks, potentially to the psychological point at $0.0025.
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