Here’s why RIF crypto price is surging: brace for a pullback
RIF crypto price was the best-performing major crypto token on Saturday even as cryptocurrencies continued struggling. RIF token has jumped by more than 25%, according to Binance. Other top-performing tokens were Zilliqa, Render Token, and CELR. Fan tokens like OG and ACM also did well.
Why is RIF soaring?Copy link to section
RIF, which stands for Root Infrastructure Framework, is a blockchain project that is focused on the Decentralized Finance (DeFi) industry. It has created a platform that makes it possible for developers to build fast, scalable and secure products for the blockchain.
RIF has several products, including the RIF Name Service, RIF Relay, and RIF Flyover among others. The latter provides a fast and secure way for people to transfer Bitcoin in and out of the Rootstock Ecosystem. It also makes it possible for people to earn interest, access loans, and hedge against inflation.
It is unclear why the RIF price has jumped in the past few days. A likely reason is that the Consensus event will start next week. Consensus is the biggest event in the crypto industry. As part of its roadmap for the year, RIF said that it will deliver a major announcement during the event.
As shown below, the developers will showcase the RIF wallet and the RNS short domain names live on the mainnet. It will also showcase the DeFi Gateway on the mainnet. These are major features, which will set the network up for future growth.
RIF crypto price forecastCopy link to section
RIF crypto price has been in a strong bullish trend in the past few months. It has jumped by more than 2605 from the lowest point in December last year. This rally saw the token jump to a high of $0.2200 in March. It is hovering between the 50-day and 100-day moving averages.
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A closer look shows that it has formed a double-top pattern whose neckline is at $0.087. Therefore, despite this rally, there is a likelihood that the token will soon have a bearish breakout in the near term. This will happen as investors sell the news or fact. In trading, this situation happens when traders buy an asset before a major news and then sell after the news happens.