¿What's up with Reddcoin (RDD)? - The social currency
Reddcoin - The social currency
Hello dear steemians,
Today I will talk about Reddcoin, the project that strives to be the leading social network tipping service. Why do I think it is worth talking about instead of simply showing the charts?
-The $USD volume beeing tipped to social platforms content creators is increasing exponentially;
-Allready a working project.
What is Reddcoin
Specifications
Algorithm:
Proof-of-Stake-Velocity
Total Supply:
~27 billion RDD at the end of PoW
Interest rate:
5% inflation yearly
Block Time:
60 Seconds
Currency Code:
RDD
Currency Symbol:
Ɍ
The team
Webpage - Blog - Wiki - More Information
The analysis
In this section I will be covering the Pros/cons and share my technicall analysis.
Pros:
- The project counts with 120 Bitcoins to fund themselves;
- A strong supportive community (altough still small);
- Using Proof-of-Stake;
- Active developers;
- Current growth rate;
- Kimoto's Gravity for increased mining stability;
- The value of donations in social platforms is increasing exponentially;
- Already working with: Twitter, Reddit and twitch.tv;
- Has the highest adoption rates;
- If they add Facebook that's 25% of the world population 1 click away from using it.
Cons:
- Dogecoin was created for the same purpose and it is much bigger at the moment.
So, ¿What is up with Reddcoin?
This might seem as a dying coin, but I see it as a coin that just sparked to life specially after a 3,500% in a period a 2 weeks.
The 16 satoshi where it sank as Bitcoin made it's correction was immediatly and aggressivly rejected. We currently stand between 18-19 satoshi.
After an 87% retracement the market is ready for the next cycle.
The red arrows point to times of accumulation, the first pump seems to me as if a big buy broke support and FOMO settled after seeing the, at that time, massive volume.
Very strong support @ 11 - 18 Satoshi
I have projected 2 possible trend line, but as I am still working with little info that's all i can give. But the green one seems highly feasible.
The volatility is increasing dramatically , witch is probably a sign of a comming explosion. Increased volatility is also very good for trading.
If price drops and creates a depression (witch i think it is, will update when confirmed) the MACD will create a strong reversal pattern and with the RSI so low the bulls will charge.
An idea
Buy range:
- 18-11 satoshi;
Sell Targets:
- 30 satoshi;
- 50 satoshi;
- 60 satoshi;
Stop loss:
- Between 20 - 30%
How high can it go
For Reddcoin to reach the all time highs it will take alot of time and alot more volume than last time. But is it worth investing? well just for the 5% interest rate they pay for you to stake, it beeing already deployed and the charts. I know I am investing. =)
Thanks for reading
¿What do you think?
Leave a reply
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Some of them are truly great.
Redcoins awesome ready to buy some more
RDD is going to have some good couple of months. another coin I never tought I would buy xD