Why Is REI Network’s Price Pumping? Analyst Who Predicted the Move Points to Take-Profit Target
The price of the REI token has been on a remarkable upward trajectory after breaking out from a prolonged sideways consolidation period that lasted nearly two years. Analysts are now setting their sights on potential profit targets as the momentum continues to build.
From May 2022 until recently, the REI token had been range-bound between $0.01 and $0.05, struggling to make a decisive move in either direction. However, last week’s breakout signaled a shift in market sentiment, as the price surged past the $0.05 resistance level. This breakout from the 22-month consolidation phase is often seen as a bullish signal, indicating that buyers have regained control.
Following the breakout, REI’s price continued to climb, spiking as high as $0.13 before retracing to its current level of around $0.11. The breakout has undoubtedly boosted investor confidence, with many viewing it as a compelling reason to accumulate more tokens, thereby fueling further upward price action. The surge in trading volume, which has increased by a staggering 700% over the past 24 hours, is a clear testament to the heightened interest in REI.
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REI Network was developed to adapt to the evolving trends in blockchain technology, aiming to create a lightweight, Ethereum-compatible framework with higher performance and no transaction fees. The team behind REI Network has recently announced a partnership with BurgerCities, a web3 metaverse project that integrates decentralized finance (DeFi) and non-fungible tokens (NFTs) for play-to-earn experiences. This collaboration aims to explore opportunities in DeFi, NFTs, and the metaverse space using the REI Network.
Analyst Targets
Marius.capital, an analyst who accurately predicted the breakout, has set a take-profit target of $0.5 for REI. In a tweet, the analyst advised taking out capital and holding the profits until the final target of $0.5 is reached, implying a potential upside of over 350% from the current price levels.
While the REI token’s rally has been impressive, it’s important to note that the cryptocurrency market is highly volatile, and investors should always conduct their own research and exercise caution when making investment decisions.
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