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What is the bull case for Request Network’s REQ as price pumps 58% in 24 hours?

  • Request Network powers payments through the blockchain

  • Request Network token gained 58% in one day 

  • REQ could crash as bearish signals emerge at resistance

Request Network’s token REQ/USD was the talk of traders on Thursday. The crypto-token posted impressive gains of 58.21% in 24 hours, according to Coinmarketcap. The total trading volume rose by 2,654% in the same period. The gains happen amid escalating crypto weakness, with Bitcoin sliding below $19,000. The total gains in the last 7 days were 64.25%. There was no immediate trigger for the robust gains. However, today’s gains make it worth exploring more about the protocol.

Request Network is a payment protocol for payment requests. It is built on the Ethereum blockchain and enables individuals to request payments. It is regarded as a bridge between the digital and physical world of payments. REQ is the native token that powers the network.

As the decentralization of finance continues to grow, the Request Network will grow. Since its launch in January 2021, the network has processed more than $203 million in crypto invoices. Metaverse giant, The Sandbox is one of the high-profile clients of Request Network. Other crypto projects such as MakerDAO, AAVE, and Chainstack also use the protocol.

REQ technical analysis

Source – TradingView

Technically, the REQ price suggests a parabolic move since June 29. The established resistance is at $0.128. Although the price broke past the resistance, it is crossing below it. This is the first signal that the price move could be unsustainable. The RSI also shows the price is retreating from an overbought level. The MACD line may be above the moving average to suggest a bullish momentum. However, overbought conditions and bearish pin bars at the resistance suggest downsides. Investors should seek to close positions and book profits now.

Summary

We recommend a sell of REQ as bearish signals emerge at key resistance. The lack of clear fundamentals driving the surge is also a red flag. Sell now to avoid a bull trap.

The post What is the bull case for Request Network’s REQ as price pumps 58% in 24 hours? appeared first on CoinJournal.

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Report: Short Bitcoin ETF attracting a lot of attention

The crypto crash has pushed up interest in short Bitcoin ETFs, with the ProShares Short Bitcoin Strategy ETF (BITI) seeing massive daily inflows since it launched a little over a week ago.

Data from crypto analytics firm Arcane Research cited by Forbes showed interest in the ProShares inverse ETF, which allows investors to bet on Bitcoin price declines, had inflows of 1684 BTC on Wednesday.

Per the report, BITI inflows have jumped to 3086.2 BTC, putting the fund’s holdings at roughly $59 million. The ProShares Short Bitcoin Strategy ETF has consequently become the second largest BTC-linked ETF in the US.

Why investors are shorting bitcoin

According to the analytics firm, the increased demand for the inverse vehicle that delivers a 1% profit for investors if BTC value falls 1% is down to Bitcoin’s high correlation to equities. The firm also points to inflation and the turmoil that continues to unveil in the crypto market as key elements of why this is a move traders fancy.

Arcane Research analyst Vetle Lunde told Forbes that short demand was rising as a result of more investors either looking to hedge against current declines or as nothing but a realization of the opportunity available to benefit from the crash.

Notably, Wednesday’s inflows coincided with the US Securities and Exchange Commission (SEC)’s rejection of the Grayscale spot Bitcoin ETF proposal. Grayscale has filed a lawsuit against the securities regulator.

The post Report: Short Bitcoin ETF attracting a lot of attention appeared first on CoinJournal.