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On October 10, the price of Request (REQ) surged by 80%, almost hitting a new yearly high on the following day. This increase marked a breakout from a long-term downward trendline. The big question is whether the price can reach a new high for 2023.
Request (REQ) Tries to Break Long-Term Pattern
Request (REQ) has been following a downward trendline since May 2022. In August, it reached a low point of $0.061, which was significant because it broke through the horizontal support at $0.070, a level it had held since June 22.
Although there was a breakdown, the altcoin quickly recovered and, on October 10, it surged by 80%. This increase not only pushed the REQ price above the descending trendline but also reached a high of $0.122, which is just below the yearly high of $0.129.
REQ/USDT Daily Chart. Source: TradingView
The cryptocurrency couldn’t hold onto its gains and is now forming a long upper wick (red icon) on the weekly chart. This type of wick indicates selling pressure because it means that sellers took control when buyers couldn’t sustain the price increase.
Request (REQ) Price Forecast: Will a New Yearly High Be Achieved?
The daily analysis of REQ’s price outlook is optimistic. This is primarily due to the RSI, a tool traders use to assess market conditions. If the RSI is above 50 and the trend is upward, it’s favorable for the bulls; if below 50, it’s not.
Currently, the RSI is rising and above 50, indicating a bullish trend. Additionally, before the REQ price surge, there was a bullish divergence in the RSI. This happens when increasing momentum accompanies a price decrease, often signaling a bullish trend reversal.
The price action is also positive as REQ has closed above the descending resistance line in the daily chart, confirming the breakout.
To revisit the $0.120 resistance level, REQ needs to increase by about 30%.
REQ/USDT Daily Chart. Source: TradingView
Although the REQ price is predicted to rise, if a bearish daily candlestick forms, it could result in a 15% decline to the descending resistance trendline, currently at $0.076.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
