Request’s request to holders for 2023–what to expect from prices?

• Prices under consolidation since may.
• REQ tokens are 100% in circulation.
• Holders expect prices to reach $1.

REQ token strengthens the Request Network open-source protocol via a few mechanisms. It’s a utility token launched in 2017 to ensure the stability and performance of the Request Network. The network is an Ethereum-based decentralized payment system. It curbs the need for third parties to provide a cheaper, more secure payment solution that works with all global currencies. Its creation was done keeping in mind to provide anti-scam, governance, staking, discounts, and independence via a token.

The payments on Request are performed by simply sending an invoice through the blockchain; the counterparty can then detect the request and pay it with one click in a peer-to-peer manner. One of the Request’s key advantages is that the payments are push-generated instead of pull-generated. Since the need for a third-party processor is eliminated, the transaction cost is reduced as a result. 

Pictorial session

REQ has tested the support zone several times over the past few weeks. The trading volume was recorded to be relatively contained. The prices move sideways and form a parallel channel. Since the beginning of 2022, REQ prices were under downward swing which forced active investors out of the markets, and only long term holders participated. The indicators suggest a rise, since prices are at the end of the channel of consolidation. MACD and RSI suggest stable situations amid the haphazard environment. 

The sellers placed orders at swing near $0.27 and $0.19. An optimistic outlook can be formed if REQ prices break the 20-EMA, which can happen soon, and a strong bull run can be established when it reaches 50-EMA. The coming year may witness bulls regaining dominance and raise prices  up to $1. 

What if you invested in REQ in 2017?

If you would have invested $1000 in REQ at the time of launch, your wallet would hold 20,000 tokens, as the prices were nearly $0.05. At the current trading price of $0.085, your investment would value $2700, for which the ROI stands at 70%, which is pretty decent. 

If you invest today, the same amount of $1000 will turn to $12,500, 12,500 REQ tokens for $1, if the prices surge. This investment will yield the ROI of 1,150%. This supports the notion of token being suitable for long term investments. 

Conclusion

The market has potential to move up the charts and mark uptick in prices. The support zone of $0.05 can be trusted to invest in REQ and anticipate prices to reach near $1.

Technical levels

Support level: $0.05 

Resistance levels: $0.58 and $1.00

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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