The Radix (XRD) price is rallying today. It has jumped by more than 10% in the past 24 hours. Similarly, e-Radix (EXRD) price has jumped by more than 11% in the past 24 hours. This brings the total market capitalization of the two coins to more than $4 billion and $1.6 billion, respectively.
Radix is a layer-1 blockchain project that is aiming to disrupt the Decentralized Finance (DeFi) industry. Its goal is to create a platform that will be friendly for DeFi developers by making it fun to build products.
In its website, Radix claims that its platform ensures 10x developer productivity and improves security by about 100x. At the same time, it claims that its platform is significantly more scalable than other platforms like Ethereum, Fantom, Polygon, and Avalanche.
RADX is the native token for the Radix platform just like ETH is the token for the Ethereum network. Holders are rewarded by just having the token. The network develops about 300 million XRD tokens every year to reward users. eXRD is an ERC token that can be swapped into XRD.
Still, Radix, and other Ethereum-killers are facing substantial challenges. The biggest of them all is that competition is rising globally. Today, there are many DEFI platforms in the market that Radix will need to compete with. These platforms include Algorand, Ethereum, and Avalanche.
On the four-hour chart, we see that the XRD price has found a strong support at $0.3772. This is a point where the price has struggled moving below several times since November. This level is also the neckline of the head and shoulders pattern. In price action analysis, this pattern is usually a bearish sign. The price is along the 25-day and 50-day moving averages.
Therefore, despite the jump, there is a likelihood that the coin will break out lower in the coming days. If this happens, the coin will likely fall to $0.10. On the flip side, a move above $0.45 will invalidate this view.
This post was last modified on Nov 29, 2021, 06:45 GMT 06:45