RedStone price awaits the next catalyst as it erases recent gains, trading near key support

Redstone has erased all its recent gains from the last major update, entering a consolidation period while the market is waiting for the next catalyst.

Redstone (RED) fell to $ 0.50, marking a drop of 18% in last week and a drop of 43% compared to its $ 0.89 peak on March 16.

On March 14, the modular oracle Redstone rolled up apart from Drilling programaimed at rewarding early adopters and accelerating the growth of the Redstone ecosystem by allocating 4.5% of the total supply of red tokens to main users. The announcement triggered An increase in the price of the token, reaching $ 0.7545 – its highest point since March 7. This upward momentum continued, the price climbing $ 0.89 on March 16.

However, after culminated on March 16, Red plunged into a clear drop trend. It has been negotiated below the 9 -day exponential mobile average since March 20. The volume has also collapsed. The price currently oscillates around $ 0.50, a key support level where it has been consolidating since then.

The relative resistance index is 47.21, indicating neutral impulse, with the purchase and sale of relatively balanced pressures. This suggests that the market is in waiting mode, while waiting for a catalyst to decide on the next movement.

A break over EMA at 9 days and $ 0.60 could point out a trend reversal, especially if RSI rises above 50. A rupture less than $ 0.50 could add more disadvantages, with the next support levels at $ 0.45 and $ 0.40.