After noteworthy profits for the past quarter, Rollbit Coin (RLB) found itself on a perilous decline this September. A 40% dip, concurrent with a decrease in trading volumes has left its investors in bated breath; is this the bottom we have hit, or do we brace ourselves for a further decline?
Looking at the technical analysis, while the 20-day EMA crosses slightly above 50-day EMA (a mark usually considered bullish), the narrow margin and the downward price movement indicate a need to tread carefully. With an RSI that’s almost approaching an oversold territory, any hint of a rebound is merely speculative at this time. A growing negative MACD histogram merely echoes the existing bearish sentiment that may result in further price dips.
The RLB market cap is currently down 8.59% to a bruising $342.8 million, with a 24-hour trading volume shrinking by over 40% to a meager $3.7 million seeming like a glaring display of evaporating investor confidence in RLB. The current price is marooned between a resistance zone of $0.11764 to $0.12502, and a support zone lying between $0.09277 and $0.09888. A failure to maintain support at this level could potentially lead to a price dive, nearing a 40% drop towards a previous swing low support zone.
The future of Rollbit Coin seems to be teetering on a thin line. Oversold RSI, shrinking volumes, and key support stabilization make the picture muddy at best. It would seem wise for investors to limit risks and await a decisive factor before making moves.
In the broader blockchain universe, a novel initiative appears to be promising. Combining elements of blockchain and online gambling, TG.Casino aims to make crypto-casinos accessible to Telegram’s robust user base of over 700 million.
TG.Casino recently initiated its TGC token’s public presale on September 21 with a lofty aim of raising $10 million. Its key differentiator is that it doesn’t mandate KYC verification, opening up the potential to draw a wider gamer base.
The proposed Telegram-based casino will offer a multitude of gaming options and reward tokens, while utilizing TGC as its key utility token. A unique offer of their ecosystem is that 40% of casino profits will be funneled back into reducing the overall token supply and rewarding stakeholders.
With an enthusiastic start garnering more than $160,000 within the first day of presale, TG.Casino seems to have tapped into an industry ripe for disruption. However, with the significant level of risk associated with cryptocurrencies, potential investors should tread carefully.
Source: Cryptonews
