The Reddit points tokens have gained massive attention from the crypto industry over the past few weeks. Despite it recording a correction of approximately 20% within the past 24 hours, Reddit-based tokens have displayed a notable run this month.
At the time of writing, the market cap of this category was $57.102 Million with only 3 listed tokens on it.
r/CryptoCurrency Moons (MOON):
The MOON price traded in a closed range between $0.0927 and $0.166 for a brief period, following which the bulls regained momentum and successfully broke out of the resistance level. After this, the price traded between $0.166 and $0.257 for the next three weeks.
Following this, the market volatility increased and the bulls recorded a jump of approximately 160% within hours, resulting in it gaining significant attention for the crypto market. After facing rejection at $0.5672, the price has been constantly trading under a bearish influence.
The Relative Strength Index (RSI) displays a neutral trend in the chart, suggesting a weak price action for the altcoin in the market. Further, the averages show a constant decline, suggesting uncertainty in the future price action for the token.
If the market holds the price above the support level of $0.347, the bulls will regain momentum and prepare to retest its high of $0.760 this month. Conversely, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $0.166 in the coming time.
Donut (DONUT):
Despite the Donut token recording a correction of 10% within the past 24 hours, the price has displayed a strong bullish movement over the past few weeks, indicating a positive outlook for the altcoin int he long-term perspective. Further, the DONUT price has added approximately 300% this year, resulting in it gaining significant attention for the crypto space.
Positively, if the market holds the price above the support level of $0.020, the bulls will regain momentum and prepare to test its upper resistance level of $0.0350 by the month-end. Conversely, a bearish reversal may pull the price toward its low of $0.005 in the coming time.
