Despite a slowdown in the leading cryptocurrencies, Radicle crypto is pumping up 100% to trade near $4.00. NFX, a private equity firm with over $1 billion in total capital commitments, raised $62.61 million from its second fund for follow-on investments. They include firms from the crypto portfolio such as Celestia, a minimal blockchain; Ramp, a fiat on-ramp business; and Radicle, a code collaboration network.
According to a July 11 regulatory filing, the corporation increased Fund II to $337.61 million. NFX confirmed to CoinDesk that the additional funds were for follow-on investments in high-conviction firms in the fund’s portfolio. NFX general partner Morgan Beller told CoinDesk in an email that the company has a strong pipeline of crypto and non-crypto startups in Fund II that are looking to raise small rounds and extend their runway. This news influenced the RAD token’s price, which increased nearly 100% in the seven days following the news’s release.
Radicle Tokenomics
Radicle’s current price is $3.80, with a 24-hour trading volume of $298 million. Radicle has increased by 71.51% in the last 24 hours. As a result, CoinMarketCap is currently ranked # 67, with a live market capitalization of $119 million. The RAD/USD pair began the day at $2.64, having previously reached a high of $4.86 and a low of $2.58.
Radicle Crypto is Pumping, What’s Behind It?
Fundamentally, no direct news can explain a dramatic surge in the RAD price. Radicle hasn’t been listed on any new crypto exchange in a long time. The RAD cryptocurrency was listed on Binance in October last year, and the token’s value has since increased. So far, the only other significant development is recent news about the amount of money invested in several cryptocurrency startups, including Radicle, by VC firm NFX.
US Federal Reserve Under the Spot Light
On Wednesday, the US Federal Reserve is the main highlight of the day as it’s due to release the Fed Fund Rate decision later today. The Federal Reserve is expected to raise interest rates by another 75 basis points after its policy meeting. The central bank’s efforts to keep inflation under control would result in the sharpest increase since the 1980s. That’s likely to be a combined 150 basis point increase between June and July.
The dollar fell slightly on July 27, and traders are now bracing for a key Federal Reserve policy announcement. Investors are waiting to see how far the Federal Reserve will go to combat inflation. Concerns persist that aggressive Fed rate increases will harm economic growth.
How Can a US Interest Rate Hike Impact RAD?
The RAD/USD pair is negatively correlated with the US dollar, which means that if the US dollar falls, the RAD/USD pair will rise. However, it’s likely only if the FED decides to keep the rate unchanged, as the investors who bought the US dollar on expectations of a rate hike will sell it immediately, increasing the dollar’s supply in the market. Because an increase in supply causes a drop in value, we may see an uptrend in RAD/USD.
Alternatively, if the FED decides to raise interest rates, there will most likely be a strong buying trend for the US dollar, as traders will rush to buy the greenback to sell it later. This could result in a significant drop in the RAD/USD pair.
Radicle’s Daily Technical Levels
Support Resistance
1.96 3.25
1.27 3.85
0.68 4.56
Pivot Point: 2.56
Radicle Technical Outlook
The RAD/USD pair is heading lower on the 4-hour timeframe, indicating a bearish correction. It has already completed the 38.2% Fibonacci retracement at $3.70, and closing candles above this level can initiate an uptrend. Looking at the resistance levels, RAD may encounter immediate resistance at $4.15. In contrast, a bullish breakout of this level could expose the RAD price to $4.85.
Leading technical indicators such as the RSI and MACD point to an uptrend, while the 50-day exponential moving average will keep the coin near $2. If the downtrend continues, RAD’s bearish price action could extend until 50% or 61.8% Fibo levels. These prices represent support at $3.38 and $3.01. Good luck!
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This article was written for Business 2 Community by Arslan Butt.
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