As Reddit’s IPO is coming closer, the demand for its community tokens is on the rise. Further, the ongoing bull run in the crypto market with a specific rise in underrated altcoins, the investors are on the lookout for such tokens.
Before heading to the tokens price analysis, here’s a short brief on the Reddit IPO. According to the filing, the social media company known for its strong community support has reported a positive FY2023 performance. With sales crossing $800 million, the company holds a total asset portfolio of $1.6 billion, with $1.3 billion in cash reserves. Further, Reddit also has crypto holdings in Bitcoin, Ethereum, and MATIC.
Reddit’s MOON Token Teases $1 Breakout
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With a bearish start last year, the MOON token showed a remarkable performance in late 2023 and in 2024. The community token of Reddit takes a bullish reversal from the low of $0.01980 and currently trades at $0.49.
With a rounding bottom reversal, Reddit’s community token price shows a 1326% jump in 150 days. Further, the bounce back surpasses the $0.60 mark for a new all-time high at $0.77160. Currently, the MOON price shows a rounding bottom breakout and retests the $0.50 range breakout.
Hence, the chances for a bullish comeback for Reddit’s token are on the positive spectrum. Optimistically, as per the Fibonacci levels, the price jump could reach the overhead 2.618% level at $1.28. Therefore, the chances of a $1 breakout in MOON price are skyrocketing.
DONUT Price Jumps With A Breakout Possibility
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With a bullish trend in the daily chart, the DONUT price action shows a sharp bounce back from the low of $0.0050. Currently, the community token trades at $0.02715 and projects a massive jump on Sunday.
With a massive bullish engulfing candle to end last week, Reddit’s community token is starting the week with a pullback of 9.47%. Nevertheless, the surge in trading volume supporting Sunday’s bullish frenzy projects a high likelihood of an uptrend continuation.
Considering the uptrend surpasses the $0.037 mark, the DONUT price could create a new swing high. As per the trend-based Fibonacci levels, Reddit’s community token could peak at $0.05707.
Hence, with the coming IPO of Reddit, the community tokens are expected to ride a bull run in March Madness.
