Rollbit Coin (RLB) has soared over 800% since July, hitting an all-time high of $0.2131 on August 2, a journey nothing short of epic. Parabolic ascents are irresistible to gravity, and RLB is currently in a period of consolidation, its price rangebound for two weeks. RLB’s 20-day EMA stands at $0.1670, a dynamic support level tested on multiple occasions over the past weeks. However, consistent resting of the 20-day EMA and dampened trading volume may be a harbinger of a downward breakout, suggesting the coin’s bullish momentum could be faltering.
Diving into RLB’s technical indicators, the relative strength index (RSI) is currently at 54.03, a slight decrease from yesterday’s 54.76, indicating a reduction in buying pressure. Likewise, the negative shift in MACD histogram, from yesterday’s -0.000306 to today’s -0.001626, corroborates this bearish momentum.
RLB faces the immediate resistance at the Fib 0.236 retracement level of $0.1782, and overcoming this barrier could signal the continuation of its bullish trend. Nonetheless, if RLB breaks its immediate support zone of $0.1652 to $0.1732 and the 20-day EMA of $0.1670, it could potentially drop to the Fib 0.382 retracement level of $0.1564.
With the current market dynamics, one strategy could be to ‘wait and see’. For example, traders could wait for RLB to convincingly break above the immediate resistance level of $0.1782, signalling further uptrends before entering a long position.
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Source: Cryptonews
