Based on its chart, the Request Network/Ethereum (REQ/ETH) pair appeared to have an initial coin offering price of 0.0012. Unfortunately for participants who bought the ICO the market closed at 0.00016986 on its first day of trading; October 27, 2017. That’s an astounding 85.85% loss in one day!
After losing so much of its value, the market consolidated and established support of 0.000115 on November 2. It came back to life on December 13 after breaching resistance of 0.0003. The momentum of the breakout was so strong that the pair went as high as 0.00119798 on January 1, 2018. As the market has grown by over 941%, bottom pickers and breakout buyers exploited the opportunity to take profits. Consequently, the market significantly pulled back, but this can be your opportunity to enter at an early stage of a possible bull run.
Technical analysis show that Request Network/Ethereum is currently creating a bullish higher low setup at 0.0003 support. It seems that bulls intend to defend this level, which can be seen historically when the volume spikes at the 0.0003 price level. In addition, volume has been thin for the last eight trading days. This suggests that sellers are running out of ammo.
The strategy is to buy as close to 0.0003 support as possible. If the market respects the higher low, it will likely head to our target of 0.0012. This may take a month.
Daily Chart of Request Network/Ethereum on Binance
As of this writing, the Request Network/Ethereum pair is trading at 0.000334 on Binance.
Summary of Strategy
Buy: As close to 0.0003 as possible.
Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.
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