Rollbit Coin (RLB) has been on an epic run since July, surging over 800% in a little over a month to post an all-time high of $0.2131 on August 2.
However, after this parabolic ascent, gravity has taken hold as RLB has cooled off and entered a period of consolidation.
For the past two weeks, the price has been rangebound, bouncing between support and resistance as it digests its massive gains.
Revisiting the 20-day and 50-day EMAs
RLB’s 20-day EMA is currently at $0.1670, with RLB’s price once again retesting this dynamic support level.
Interestingly, this occurs in confluence with the horizontal support zone of $0.1652 to $0.1732.
The 50-day EMA stands at $0.1291. These EMA levels, especially the 20-day EMA, have been tested multiple times in the past two weeks, indicating a strong dynamic support for the coin.
However, the reduced trading volume combined with consistent retests of the 20-day EMA, could signal that the coin’s bullish momentum is waning, potentially leading to a downside breakout.
Understanding RLB’s RSI and MACD Histogram Movements
The relative strength index (RSI), which is a momentum oscillator that measures the speed and change of price movements, currently stands at 54.03, slightly down from yesterday’s 54.76. This indicates a slight cooling off of buying pressure.
Meanwhile, the MACD histogram, which is used to identify possible buy and sell points, shows a value of -0.001626, a bearish shift from yesterday’s -0.000306.
This suggests that the bearish momentum is increasing, which could lead to further price depreciation.
RLB’s Resistance and Support Levels
The immediate resistance for RLB is the Fib 0.236 retracement level of $0.1782, followed by the previous swing high resistance zone of $0.2060 to $0.2133.
If RLB manages to break above these levels, it may indicate the continuation of RLB’s bullish trend.
Conversely, the immediate support is found at the horizontal support zone of $0.1652 to $0.1732, which is in confluence with the 20-day EMA of $0.1670.
If RLB fails to maintain this support level, it could potentially drop to the Fib 0.382 retracement level of $0.1564.
Potential Trading Strategy for Rollbit Coin (RLB)
Given the above analysis, one potential strategy would be to adopt a ‘wait and see’ approach.
Traders could wait for a convincing breakout above the immediate resistance level of $0.1782, which may signal a bullish trend continuation, before entering a long position.
However, if RLB fails to hold the horizontal support zone of $0.1652 to $0.1732 and the 20-day EMA of $0.1670, traders may consider setting up a short position, anticipating further price decline towards the Fib 0.382 retracement level of $0.1564.
As with any trading, risk management is important. Employ stop losses religiously, scale out of positions to lock in profits, and stay adaptable in your tactics.
The crypto markets can turn on a dime, rewarding the trader who respects prudent trading strategies.
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Launchpad XYZ Is Incentivizing Long-Term Commitment
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Launchpad XYZ’s Trading Features
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Launchpad XYZ’s Future Plans Extend Beyond Trading
While trading remains a focal point, Launchpad XYZ’s ambitions appear to extend beyond it.
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Launchpad XYZ aspires to be more than a mere trading hub – it seeks to be a versatile launchpad for all things Web3.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.