Amidst The Reddit IPO Craze, MOON and DONUT Tokens Prep For A Bull Run!
The post Amidst The Reddit IPO Craze, MOON and DONUT Tokens Prep For A Bull Run! appeared first on Coinpedia Fintech News
As Reddit’s IPO is coming closer, the demand for its community tokens is on the rise. Further, the ongoing bull run in the crypto market with a specific rise in underrated altcoins, the investors are on the lookout for such tokens.
Before heading to the tokens price analysis, here’s a short brief on the Reddit IPO. According to the filing, the social media company known for its strong community support has reported a positive FY2023 performance. With sales crossing $800 million, the company holds a total asset portfolio of $1.6 billion, with $1.3 billion in cash reserves. Further, Reddit also has crypto holdings in Bitcoin, Ethereum, and MATIC.
Reddit’s MOON Token Teases $1 Breakout
With a bearish start last year, the MOON token showed a remarkable performance in late 2023 and in 2024. The community token of Reddit takes a bullish reversal from the low of $0.01980 and currently trades at $0.49.
With a rounding bottom reversal, Reddit’s community token price shows a 1326% jump in 150 days. Further, the bounce back surpasses the $0.60 mark for a new all-time high at $0.77160. Currently, the MOON price shows a rounding bottom breakout and retests the $0.50 range breakout.
Hence, the chances for a bullish comeback for Reddit’s token are on the positive spectrum. Optimistically, as per the Fibonacci levels, the price jump could reach the overhead 2.618% level at $1.28. Therefore, the chances of a $1 breakout in MOON price are skyrocketing.
DONUT Price Jumps With A Breakout Possibility
With a bullish trend in the daily chart, the DONUT price action shows a sharp bounce back from the low of $0.0050. Currently, the community token trades at $0.02715 and projects a massive jump on Sunday.
With a massive bullish engulfing candle to end last week, Reddit’s community token is starting the week with a pullback of 9.47%. Nevertheless, the surge in trading volume supporting Sunday’s bullish frenzy projects a high likelihood of an uptrend continuation.
Considering the uptrend surpasses the $0.037 mark, the DONUT price could create a new swing high. As per the trend-based Fibonacci levels, Reddit’s community token could peak at $0.05707.
Hence, with the coming IPO of Reddit, the community tokens are expected to ride a bull run in March Madness.
Filed under: Bitcoin - @ March 18, 2024 9:18 am