The price of the REI Network (REI/USD) jumped sharply on Thursday as investors cheered the upcoming upgrade and hard fork that will take place next week. The price of the token hit a high of $0.06, which is about 152% above the June low. REI has a market cap of over $47 million.
Why is the REI increasing?
REI Network is a smart contract platform that provides developers with a lightweight ecosystem to build quality decentralized applications (dApps). It is an Ethereum Virtual Machine (EVM) compatible application in all industries such as DeFi, gaming and non-fungible tokens (NFT).
Some of the main applications created in REI Network are BeeHive, Nava Finance, dForce and X Protocol. The other most popular apps in the ecosystem are RacingTime and dForce, among others. Still, REI is a relatively small platform compared to Ethereum, Polygon, and Solana.
The REI Network price is among the best performing cryptocurrencies on Thursday. This performance is mainly due to the next major update and the hard fork scheduled for July 13th. In a statement on Thursday, Binance announced that it would support the upgrade. Upbit, an online exchange, will also support the upgrade.
The network upgrade and hard fork will allow users to stake REI tokens to offset their gas charges. In addition, 10 million REI will be released every year to reward node operators. Therefore, the REI network increases as investors buy the coin in anticipation of this upgrade.
REI Network Price Prediction
The four-hour chart shows that the price of the REI network has been in a tight range for the past few days. The coin then made a strong uptrend ahead of the next upgrade and hard fork. The coin broke above the 25- and 50-day moving averages.
As the coin rose, it reached a high of $0.062, which was the highest level since June 23. The Relative Strength Index (RSI) broke above the overbought level. Still, the coin is likely to resume its downtrend as the excitement over the recent upgrade news fades. As such, the next key support to watch will be at $0.040.
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