Key Takeaways:
- XRD price has rallied 69% since April 10.
- The token likely reacted to news of the latest funding round and upgrade to the Radix blockchain.
NEW DELHI (CoinChapter.com) — Radix Network, a distributed ledger protocol for trustless systems, has enjoyed a bullish April. The platform’s native token, XRD, spiked more than 107% month-to-day to form a daily high near $0.08415 on April 14.
Moreover, the rally helped XRD price register its highest single-day gain since Nov 2021 on April 13. The Radix token also crossed above the $0.084 price level for the first time since June 2022. However, the token pulled back as bears started booking profits near $0.084.
The sell-off might have been a result of the relative strength index becoming overbought, clocking at 70.97 on the daily charts. The RSI trendline pulled back after the sell-off began on April 15.
If the downtrend continues, XRD price might drop to test support near $0.0651. Moreover, breaching the immediate support might result in the Radix token price drop nearly 25% to reach $0.0546 before recovering.
Meanwhile, the uptrend helped XRD’s 20-day EMA (red wave) move above its 200-day EMA (green wave) to form a bullish pattern called the golden cross. Market participants consider the pattern a symbol of positive investor sentiment and a buy signal.
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As a result, once buyers enter the market, XRD price might rise to resistance near $0.0814. Breaking and consolidating above the immediate resistance level might help the Radix token price challenge resistance near $0.0936 before downside corrections pare gains.
Radix Raises $10 Million As Smart Contracts Come To The Network
Radix raised $10 million in its latest funding round, which was led by DWF Labs. The Radix Network claims to be working towards the goal of safeguarding the decentralized finance sector. Hacks in the DeFi sector have been an issue with the nascent crypto sector.
Furthermore, the US Treasury recently released a report that stated illicit players might be laundering money through the sector.
Furthermore, the report stated that hackers, cybercriminals, and the Democratic People’s Republic of Korea (DPRK), among others, use DeFi services to commit crimes such as hacks and heists. As a result, the Treasury claims that DeFi might be a threat to national security.
If the FUD surrounding DeFi sector rises, demand for blockchain platforms like Radix will increase. Radix uses Scrypto, a smart contract language that allows developers to leverage the in-built tools to create an asset and define the rules of transaction for it.
Furthermore, the funding for Radix came as Radix announced the date for the launch of its upgrade. The platform will upgrade from Olympia to Babylon “on or about July 31st, 2023.”
The Babylon upgrade would introduce smart capabilities. The platform delayed the release date by nearly a month, stating the delay was to accommodate any minor changes happening if things didn’t go according to plan.
There just wasn’t enough time to adjust to any difficulties encountered during testing of the Olympia to Babylon migration, which requires a significant amount of coordination across teams to perform a complete end-to-end test run.
Radix stated
