RedStone (RED) Has Erased All of Its Recent Gains From the Last Major Update, Entering a Period of Consolidation

RedStone has erased all of its recent gains from the last major update, entering a period of consolidation as the market awaits the next catalyst.

RedStone (RED) has erased all of its recent gains from the last major update and is now entering a period of consolidation as the market awaits the next catalyst.

The modular oracle has dropped to $0.50, marking an 18% decline over the past week and a 43% drop from its peak of $0.89 on March 16.

Earlier this month, RedStone announced the DRILL program, where it will be allocating 4.5% of the total RED token supply to core users to reward early adopters and accelerate the growth of the RedStone ecosystem.

The announcement comes after the token dropped to $0.50, a key support level where it has been consolidating since then. Volume has also been tapering off.

The Relative Strength Index sits at 47.21, indicating neutral momentum, with buying and selling pressures relatively balanced. This suggests that the market is in a wait-and-see mode, waiting for a catalyst to decide the next move. A break above the 9-day EMA and $0.60 could signal a trend reversal, especially if RSI climbs above 50. A break below $0.50 could trigger further downside, with the next support levels at $0.45 and $0.40.