Over the past few weeks, Reddit Points tokens have received a lot of attention from the crypto industry. Despite recording a correction of around 20% over the past 24 hours, Reddit-based tokens have seen remarkable gains this month.
r/CryptoCurrency Moons (MOON)
MOON price traded in a closed range between $0.0927 and $0.166 for a short period before the bulls regained momentum and successfully broke through the resistance level. After this, the price traded between $0.166 and $0.257 over the next three weeks.
Following this, market volatility increased and bulls recorded a jump of about 160% in a few hours, causing the cryptocurrency market to attract significant attention. After the rejection at $0.5672, the price traded continuously under a bearish trend.
The Relative Strength Index (RSI) shows a neutral trend on the chart, indicating weak altcoin price action in the market. Additionally, the average values show a constant decline, indicating uncertainty in the future price movement of the token.
If the market holds the price above the $0.347 support level, bulls will regain momentum and prepare to retest the $0.760 high this month. Conversely, if the bears continue to dominate the market, it will fall and prepare to test the lower support level at $0.166 in the near future.
Donut token
Even though the Donut token recorded a 10% correction in the last 24 hours, the price has seen a strong bullish movement over the past few weeks, indicating a positive outlook for the altcoin in the long term. Additionally, DONUT's price has increased by approximately 300% this year, causing it to attract significant attention from the crypto space.
The upside is that if the market holds the price above the $0.020 support level, bulls will regain momentum and get ready to test the upper resistance level at $0.0350 by the end of the month. Conversely, a bearish reversal could push the price down to a low of $0.005 in the near future.
