đđ„ Resistance Dog (REDO) token explodes 159% in three days after Pavel Durov's arrest!
The dramatic rise of the Ton-based token, REDO, is directly linked to the surge in interest on social media following the arrest of Telegram founder Pavel Durov. On August 25, REDO experienced an impressive surge, breaking through a major resistance with an increase of over 100% in just one day.
The surge is the result of massive support from the crypto community, especially after the Ton X account changed its profile picture to the REDO logo in solidarity with Durov. CoinGecko also changed its Ton icon to display the REDO logo.
The crypto community followed suit, amplifying REDOâs social dominance. The move is seen as a fight against censorship, embodied by REDO, and echoes the concerns of those who view Durovâs arrest by French authorities as a form of suppression.
From a technical perspective, the chart reveals that the REDO token price has broken out of a symmetrical triangle pattern, a formation that heralds an uptrend, indicating strong upward momentum.
This breakout was followed by a rapid price rise, reaching as high as $0.9 on Monday before pulling back slightly. The three-day surge, marked by a 159% increase, shows significant volatility and increased trading interest.
However, the recent pullback indicates a test of the upper boundary of the triangle, which could act as a support level. If the price holds above this support, further gains could be on the cards, with potential targets near the recent highs at $0.9 and beyond.
REDOâs bullish trend contrasts with the TONâs collapse in response to Durovâs arrest. REDOâs Keltner Channel, which envelops price based on volatility, shows that REDOâs price has broken through the upper band, suggesting an overbought condition.
Additionally, the Merchant Channel Index is currently at 174.98, confirming this overbought condition. This could indicate a short-term consolidation or a slight correction before resuming its uptrend.
Of note, REDO may experience a temporary cool-off, giving the market time to digest recent gains. Currently, the REDO token has gained another 3% this morning, trading at $0.6360.
REDO's market capitalization is around $65 million at the time of reporting.
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