RedStone has wiped out all of its recent advancements following the latest significant update, entering a phase of consolidation as the market waits for its next impulsive event.
RedStone (RED) has fallen to $0.50, reflecting an 18% drop over the last week and a 43% decline from its peak of $0.89 on March 16.
On March 14, the modular oracle RedStone introduced the DRILL program, designed to reward early users and foster growth within the RedStone ecosystem by dedicating 4.5% of the total RED token supply to foundational users. This announcement sparked a jump in the token’s price, reaching $0.7545 — the highest level since March 7. This positive trend persisted, propelling the price even higher to $0.89 on March 16.
Nevertheless, after hitting its peak on March 16, RED has entered a distinct downtrend. It has consistently traded below the 9-day exponential moving average since March 20, with trading volume also diminishing. The price is currently stabilizing around $0.50, an important support level where it has remained since then.
The Relative Strength Index stands at 47.21, suggesting a state of neutral momentum, with buying and selling pressures being fairly even. This implies that the market is currently in a wait-and-see situation, awaiting a catalyst to drive the next move.
A rise above the 9-day EMA and $0.60 could indicate a potential trend reversal, particularly if the RSI exceeds 50. Conversely, a drop below $0.50 might prompt further declines, with subsequent support levels at $0.45 and $0.40.