The Request (REQ) price surges and attempts breakout from long-term pattern
The price of Request (REQ) experienced an 80% increase on October 10, coming close to reaching a new yearly high the following day. This surge led to a breakout from a descending resistance trendline that had been in place since May 2022. Now, the question is whether the price can continue pushing towards a new high in 2023.
Overview of Request’s long-term pattern
Since May 2022, the REQ price has been following a descending resistance trendline. This downward movement resulted in a low of $0.061 in August. Additionally, this low caused a breakdown from the $0.070 horizontal support area that had been providing support since June 22.
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However, despite this breakdown, Request quickly recovered and began an upward movement on October 10 with an impressive 80% increase.
Despite the initial surge, the cryptocurrency couldn’t sustain the increase and is currently forming a long upper wick in the weekly timeframe. This indicates selling pressure as sellers took over when buyers couldn’t maintain the upward momentum.
REQ Price Prediction: Potential for a new yearly high
An analysis of the daily timeframe suggests a bullish outlook for Request’s price. One indicator supporting this prediction is the Relative Strength Index (RSI). Traders commonly use the RSI as a momentum indicator to determine market conditions and make decisions regarding asset accumulation or sale.
The RSI reading for REQ is currently above 50, indicating a bullish trend. Additionally, there was a bullish divergence in the RSI prior to the price increase, suggesting a potential trend reversal.
Furthermore, Request has closed above the descending resistance line on the daily timeframe, solidifying the breakout. However, in order to reach the $0.120 resistance area again, REQ would need to increase by an additional 30%.
Despite this bullish prediction, there is a possibility of a 15% drop if a bearish daily candlestick forms, potentially leading to a retest of the descending resistance trendline at $0.076.
Hot Take: Request (REQ) making strides towards a new yearly high
The recent surge in the price of Request (REQ) has brought it close to reaching a new yearly high. With a breakout from a long-term descending resistance trendline and bullish indicators such as the RSI, there is potential for REQ to continue its upward momentum. However, caution should be exercised as a bearish candlestick could lead to a retest of the resistance trendline. Keep an eye on REQ’s price movement as it aims for new heights in 2023.
