Why has Radicle crypto's (RAD) volume spiked up by 1800%?

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Why has Radicle crypto's (RAD) volume spiked up by 1800%?

 Why has Radicle crypto's (RAD) volume spiked up by 1800%?
Image source: © Leowolfert | Megapixl.com

The crypto market has not been seeing bright days for quite some time now. In fact, leading cryptos, such as BTC, ETH, ADA, etc., all have been trading in red, thereby pulling the crypto market down by 1.68% in the past 24 hours on 26 May. At present, the global market cap stands at US$1.25 trillion, with a trading volume of US$69.82 billion over a day.

But one crypto that has been defying the bearish sentiment prevailing in the market with a rally is the Radicle (RAD). The RAD token has witnessed a rally of over 32% and a volume rally of over 1800% on 26 May. Built on top of the Ethereum blockchain, the Radicle crypto is an open-source platform that aims to introduce decentralisation in code sharing.

Related read: Will Terra 2.0 bring the investors back onto its platform?

The Radicle (RAD) developers allow the users to participate in code through the Radicle Link protocol.

Why is RAD crypto rallying?

While the exact reason for the rally is still unknown, the token has been amassing significant gains over the past 14 days. The 287th-ranked token has witnessed gains of over 59% in the past 14 days, making it one of the top gainers.

The momentum indicator (MOM) indicated in the chart below suggests that the Radicle crypto's bullish momentum is getting stronger during the intra-day trading session.

Image credit: Trading View

MACD of the Radicle crypto does indicate the strong rally is getting stronger with the MACD line steering well clear of the Signal line (in orange) and is moving upwards and may signal good times ahead for the RAD crypto investors.

Of late, the Radicle crypto rally has got the investors’ attention, pushing the RSI to 53.31, indicating that the market participants are keen on buying the RAD crypto token during the intraday trading session.

Related read: Astar (ASTR) crypto's volume soars over 900%. Here's why

The market activity has pushed the token's volume to a rally of       1890.38% in the past 24 hours.

Founded by the Berlin-based firm Monadic, Radicle crypto stands out from its centralised peers because it is a permissionless network and doesn't depend on third parties for its functioning. This gives them the advantage as it enables the developers to build projects on the Ethereum blockchain seamlessly.

 How is RAD crypto's price faring?

The Radicle crypto on Thursday was trading at US$3.04 with a trading volume of US$16,87,51,242 over a day, according to CoinMarketCap. The crypto was up by 43.26% with a live market cap of US $9,37,28,875 with 3,08,20,811 RAD coins in circulation.

While the rally would buoy the investors, they would also be mindful that its prices can drop at any given point in time. Therefore, the market participants must ensure that they do their proper research and then decide to take any investment decisions.  

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