REDO token spikes 159% in three days following Durov’s arrest

The Resistance Dog token, a Ton-based asset, has seen a remarkable surge on the back of increased social media interest following the arrest of Telegram founder Pavel Durov. 

On Aug. 25, Resistance Dog (REDO) experienced a sharp breakout from a symmetrical triangle pattern, with its price skyrocketing over 100% in a single day. 

This surge was triggered by an outpouring of support from the crypto community, particularly after the Ton X account changed its display picture to REDO’s logo to show solidarity with Durov. CoinGecko also changed the Ton icon to REDO’s logo.

Interestingly, many crypto community members followed suit, triggering a rise in REDO’s social dominance. The gesture symbolized a stand against censorship, which REDO embodies, and resonated with the community that views Durov’s arrest by French authorities as an act of suppression.

Technically, the chart shows that the REDO crypto token price broke out from a narrowing symmetrical triangle formation — a bullish continuation pattern — indicating strong upward momentum. 

The breakout was followed by a swift rise in price, reaching as high as $0.9 on Monday, before retracing slightly. The three-day rally, which has triggered a 159% increase, shows significant volatility and heightened trading interest.

However, the recent pullback shows a retest of the triangle’s upper boundary, which could serve as a support level. If the price holds above this support, further gains could be on the horizon, with potential targets at the recent highs near $0.9 and beyond.

REDO’s uptrend contrasts TON’s collapse in response to Durov’s arrest. The REDO Keltner Channel, which envelopes the price based on volatility, shows that REDO’s price has broken above the upper band, suggesting an overbought condition. 

Also, the Commodity Channel Index is currently at 174.98, confirming the overbought condition. This could imply a short-term consolidation or a slight correction before resuming its upward trend. 

Notably, REDO may face a temporary cooldown, giving the market time to digest the recent gains. At the reporting time, the REDO token has gained by another 3% this morning, currently changing hands at $0.6360.

REDO’s market cap is hovering over the $65 million mark at the reporting time.