Reddcoin (RDD) Breaks Out - Big Risks, Big Rewards?
Reddcoin is a cryptocurrency for tipping on various social networks, so kind of like STEEM, but it could in theory work on Youtube, Steam, and even Facebook. However, I think the only way that could work is if those networks actually accept Reddcoin, for which there's a small chance right now. That doesn't mean Reddcoin still couldn't take off on more niche platforms, similar to STEEM.
Reddcoin's price chart hasn't had much action for the first three years of it life, until earlier this year when it jumped about 20x to 95 satoshi in the span of a week. It's unclear whether that was just latent growth waiting to appear or something. However, since then Reddcoin appears to be on an ascendant trend.
Reddcoin has already had a breakout, but its rise has just started, so it should still be a good trading opportunity. A more conservative target price would be 150-160 sat, which is given by breakout price added to the height from the orange resistance line to the blue support line (about 90 sat).
A more optimistic target price is at least 250 sat, given by the intersection of the two yellow lines, where one is the resistance trend line for the two peaks from before, and assuming the price will move along that resistance trend line in the future. I wouldn't say there's a high chance of that happening, but it's a possibility.
There's a rumor on Reddcoin's subreddit, that Redd ID, a much expected feature of Reddcoin will be released over the next few weeks. This could also be the reason why the price is breaking out now.
I would still say Reddcoin is one of the riskier coins to trade, so you shouldn't put more than 5% of your portfolio in it.
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Everyone holding Reddcoin is waiting on ReddID. But we all know they should have released it months ago. The team is having a lot of difficulties... hopefully they'll come to release it soon. It will most definitely cause a price bump.
But as you said, I don't think other big platforms will make ReddID integration possible. We'll see. Hopefully they will though...
They don't have to, and I think it's unreasonable to expect that even from the founders. They may have made a strategy mistake if their only goal is to reach Youtube. They should look for smaller communities that can adopt it first and grow organically from there. Then maybe it will attract the attention of Youtube and so on.
Until that happens, you've probably heard the expression "buy the rumors, sell the news."
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