It’s another dismal day in the crypto markets, but one currency has something to celebrate: Reddcoin is up 20% today, leading the rest of the market by daily gains. That nice surprise just happened to coincide with a birthday party; Reddcoin was born five years ago this week. But, can Reddcoin turn all the candles in the market green by itself?
Reddcoin (RDD) Fundamentals
Although it’s still a comparatively minor cryptocurrency, Reddcoin’s community might have more enthusiasm than XRP and Dogecoin combined.
So what’s so special about Reddcoin? Unlike other coins, Reddcoin is geared towards a specific market: social media. They want cryptocurrency to be integrated with Facebook, Twitter or Youtube, so that tipping another user will be as easy as clicking a “like” button.
Right now, Reddcoin’s all-volunteer developer team is focused on making it easier to use. They’ve recently released ReddID, making it easy to tip Reddcoin to other users. Instead of a long string of random letters, ReddID links your wallet to your username to send and receive crypto tips. There’s no complicated wallet software to install: you can integrate ReddID with a one-click chrome extension.
Reddcoin is already integrated with Twitter, Twitch and Reddit, with all the infrastructure in place and waiting for users. But when it comes to adoption they’re still behind other social coins like Dogecoin, Litecoin and XRP.
When looking for Reddcoin’s price action, make sure you don’t mistake it for another crypto that has a very similar name, is ranked in the thousands by market cap and goes by the symbol RED. The Reddcoin we’re talking about has 2 Ds and its token is RDD.
RDD Technical Analysis
Wednesday’s gains helped the RDD/BTC pair to break above the daily Ichimoku Cloud. Even though the gains were followed by a pullback, based on the Ichimoku strategy, the pullback could actually be a good time to buy.
The medium-term gains could be capped by the 38% Fibonacci resistance of 0.0000062.
Now I’d like to hear from you and your thoughts on RDD. Also, make your purchases proportionate to your risk tolerance. Once you’ve subscribed here, reply to the email you receive from me and let me know if you’ll ever consider using Reddcoin on social media. Also, tell me whether you think it’s a good coin to invest in. If you want to calculate your risk tolerance, head over to this MasterClass.
Remember that as the 4th point of the IDDA technique, you must calculate your risk tolerance before deciding on the investment strategy that is suitable for your portfolio. Don’t forget to complete your risk management due-diligence before developing your investment strategy.