SCRT Rallies as the Secret Network Concludes the Duplex Finance Pilot

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The Secret Network team said it has concluded the Duplex Finance pilot and is now considering the best path forward.

Secret Network Works with Key Tango to Conclude Duplex Finance Pilot

The Secret Network team announced a few hours ago that it had concluded the pilot of its Duplex Finance project. The team said it worked with Key Tango to conclude this pilot and termed it as successful.

The teams are now considering the best path forward in terms of potential modifications and implementations.

Secret Network is an interoperable blockchain infrastructure designed to enable computational privacy for general-purpose smart contracts. The blockchain is powered by the SCRT token, which is used for staking, delegation, governance, and all computational and transactional fees.

Since the announcement yesterday, SCRT’s value has increased by more than 19%. At press time, SCRT is trading at $7.8 per coin. SCRT has been one of the best-performing cryptocurrencies since the start of the year.

On January 2, SCRT rallied past the $6 mark to reach a market cap of $900 million. The rally was enough to propel the coin into the top 100 list of the most valuable cryptocurrencies. SCRT continued its rally in the first week of the year despite the broader market underperforming during that period.

SCRT broke past the $7 mark on January 10 as the market anticipates the launch of director Quentin Tarantino’s NFT launch.

SCRT Could Top the $8.5 Level Soon

The SCRT/USD daily chart is very bullish at the moment, thanks to its latest performance. At press time, SCRT is trading at $7.8, above its 50-day moving average price of $5.40.

SCRT’s MACD line is in the positive region. Source: FXEMPIRE

The MACD line has been in the positive zone since the start of the year. Meanwhile, the RSI of 65 shows that SCRT could enter the overbought region if the market rally continues.

SCRT could break past the first major resistance level at $8.5 in the coming hours if the bullish momentum is sustained. However, it would need the support of the broader market to surpass its current all-time high price of $10.

This article was originally posted on FX Empire

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