Data aggregation is very important in the crypto space. Cryptocurrencies are still highly susceptible to murkiness and opacity. Dapp Radar is one of the leading market trackers operating in the crypto industry. Its token, RADAR, launched late in 2021 to incentivise users who contribute to its data trove.
Following an impressive price jump, a lot of investors are looking to buy RADAR. The digital asset remains a small-cap option, but an influx of investor demand could see its price and market cap jump significantly in the near future.
Should investors buy RADAR following its most recent price pump? We’ll examine the asset’s prospects in this article.
RADAR Technical Analysis
RADAR currently trades at $0.015. The digital asset is riding an impressive surge on the weekly chart. As the chart above shows, RADAR was up by a mind-boggling 788% at its height on the weekly timeframe.
Thanks to this strong performance, RADAR is trading well above all of its moving average (MA) indicators. These range from the 10-day MA of $0.010 to the 200-day MA of $0.012. This shows encouragement for investors looking to buy RADAR as the coin looks set to maintain its lead over these major technical indicators for the near term.
Another exciting reason to buy RADAR is the asset’s positive moving average convergence divergence (MACD). RADAR’s relative strength index (RSI) stands at 61.23. If the RSI can slip further into the oversold region, then it could provide a further incentive to buy RADAR.
Cryptoassets are a highly volatile unregulated investment product.
Dapp Radar’s Continued Expansion
As explained earlier, RADAR is the utility token for Dapp Radar- a market tracker and aggregator for blockchain data. Invariably, developments within the Dapp Radar ecosystem will affect the price — pushing investors to buy RADAR.
Last week, Dapp Radar made a bold expansionary move as it added tracking capabilities for decentralised finance (DeFi) protocols built on the Stacks blockchain. The move means that users can now find out data on metrics like total volume locked, non-fungible token (NFT) collection sales, and more about the Stacks blockchain.
Dapp Radar is already a repository of information for blockchains like Ethereum, Solana, Polygon, and more. By adding tracking capabilities for Stacks, it has plugged into one of the fastest-growing blockchain networks in the market.
Bounty Contest Launch
Dapp Radar has also been working to promote its contribute-to-earn model. Last week, the platform announced a bounty contest in collaboration with Layer3. The bounty will focus on NFTs, with participants competing to add data on NFT marketplaces built on Ethereum, the BNB Chain, Polygon and Avalanche.
Winners will be rewarded with RADAR tokens, although the DeFi exchange didn’t disclose how much will be distributed in rewards.
With initiatives like these, Dapp Radar is looking to foster a community of contributors who will be able to bolster its data repository.
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