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REI Network (REI/USD) price jumped sharply on Thursday as investors cheered the upcoming upgrade and hard fork that will take place next week. The token’s price jumped to a high of $0.06, which was about 152% above the lowest level in June. REI has a market cap of over $47 million.
Why is REI surging?
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 like DeFi, gaming, and non-fungible tokens (NFT).
Some of the top applications created in REI Network are BeeHive, Nava Finance, dForce, and X Protocol. Others of the 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.
REI Network price is among the best performing cryptocurrencies on Thursday. This performance is mostly because of the upcoming major upgrade and hard fork that is scheduled for July 13th. In a statement on Thursday, Binance announced that it will support the upgrade. Upbit, an online exchange, will also support the upgrade.
#Binance will support the @GXChainGlobal $REI upgrade & hard fork.https://t.co/lXu7UaPK7k
— Binance (@binance) July 7, 2022
The network upgrade and hard fork will allow users to stake REI tokens to offset their gas fees. In addition, 10 million REIs will be released annually to reward node operators. Therefore, the REI Network is rising as investors buy the coin in anticipation of this upgrade.
REI Network price prediction
The four-hour chart shows that the REI Network price has been in a narrow range in the past few days. The coin then made a strong bullish trend ahead of the upcoming upgrade and hard fork. The coin moved above the 25-day and 50-day moving averages.
As the coin rose, it jumped to a high of $0.062, which was the highest level since June 23rd. The Relative Strength Index (RSI) has moved above the overbought level. Still, there is a likelihood that the coin will resume the downward trend as the excitement of the recent upgrade news fade. As such, the next key support to watch will be at $0.040.