The Request Network price has done relatively well in the past few days as investors buy the dip after it crashed hard last week. The REQ token is trading at $0.1400, which is about 62% above the lowest level this month. As a result, the coin’s market cap has risen to more than $110 million, making it the 280th biggest cryptocurrency in the world.
What is the Request Network?
The Request Network is a blockchain project that is aiming to change the financial services industry. It allows anyone to request a payment such as an invoice that the recipient can pay in a secure way. This payment information is handled in a secure ledger that is fully decentralized.
It also has smart contract features that let developers to build apps. Some of the most popular apps built using Request are Request Finance, Request Create, and WooReq among others. Request is built on top of Ethereum’s platform.
It is unclear why the Request Network price has bounced back. A possible reason is that investors are buying the dip on the coin after it crashed by about 90% from its all-time high. Some investors believe that the coin has gotten relatively oversold.
Another reason is that the number of transactions in the network has been rising. For example, in April, they increased by 65% and reached an all-time high of 9,552. The number of wallets holding the REQ token has risen to over 40,369. This growth will likely continue even as the cryptocurrency continues its volatility.
Request Network price prediction
The daily chart shows that the REQ price dropped to a low of $0.087 in May as the Luna ecosystem crashed. Since then, the coin has moved sharply higher and invalidated the bearish flag pattern that had been forming. It also retested the important resistance level at $0.1837 while the Relative Strength Index (RSI) has moved close to 50.
The outlook for the Request Network price is still bearish. As such, there is a likelihood that the coin will retest the key support level at $0.1132. The bearish view will become invalid if the price moves above $0.1840.