- The former Bloomberg man comes to RedStone to make their DeFi something significant.
- All the Fibonacci levels, RSI, and MACD are bullish.
- The hype surrounding Redstone’s $0.62 forecast is further raised by its futures market growth.
Redstone recently hired former Bloomberg strategist, Vignesh Iyer, as a Strategic Advisor. Hence, its token (RED) is showing strength trends with technicals pointing towards a rise to $0.62.
Strategist Grows RedStone Vision
RedStone is expected to gain a formidable boost in its DeFi with the addition of Iyer to its team. This is because Iyer is known to be an experienced blockchain strategist. He used to partner with Bloomberg’s blockchain and cryptocurrency division, so he is no stranger to the fast-evolving industry.
With an ambition to experience exponential growth, RedStone believes Iyer’s experience in this space will help achieve this goal. The project has been working on its modular oracle design, being a foundation for real-world asset tokenization.
It is also seeking to impress institutional investors by improving its speed, security, and reliability of its ecosystem. Iyer himself has emphasized that the decision to join RedStone couldn’t have come at a better time. According to him, more institutional investors are taking an interest in tokenized assets.
Source: X
Fibonacci Targets Gains Momentum
In the charts, the Redstone token is in a positive trend. It is currently at around $0.45, which is about 3% higher than the previous day. The large candlestick breakout indicates that it has finally broken out of a recent stall and is now trending towards higher prices.
The Fibonacci retracements on the chart indicate possible areas of support and resistance, which traders can observe more closely. The 1.618 extension at $0.6189 offers a clue that another uptick rally is ahead.
The session reading had a Volume-Weighted Average Price (VWAP) at about $0.49. This VWAP level would help establish the strength of the trend. This would be useful for trend-followers. Usually, trading above the VWAP further increases traders’ confidence.
VAWP and Fib. Source. TradingView
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Momentum Indicators Are Healthy
The momentum indicators (the RSI and MACD) are also supporting the current trend. The RSI at 62 confirms an increase in buying pressure. It also shows that this level is not yet in the overbought area. Thus, there is more room for the token price to increase before it reaches its maximum value.
Concurrently, the MACD is performing a bullish crossover, and the bars on the green histogram are increasing in height. That is an indication that traders are becoming more confident about the price trend. Should the present push continue, the probable next target level is approximately $0.62.
MACD and RSI. Source: TradingView
Futures Activity Fuels Optimism
Data from Coinglass provides insight into the perspective of traders regarding the Redstone futures market. RED has risen about 2.89% to $1.25 million in open interest. That is one good indicator that people are highly convinced of the token’s bullish prospects.
The open interest peaked above $8 million earlier this year. Since then, it has calmed, and as a result, traders have become a little more cautious. So, the current phase is more of a consolidation rather than a crash, which is usually followed by renewed ascendancy.
Simultaneously, trading volume has increased to more than $10 million, representing a growth of over 30%. Regular volume increase translates to a high level of market activity. This makes any price changes more trustworthy and harder to manipulate.
The inclusion of an experienced strategist, enhanced technical indicators, and increased futures trading is indeed shaping people’s confidence in RED. For this reason, many traders are now confident that the price will soon reach $0.62.
Source: Coinglass
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