While Reserve Rights (RSR) has been moving upwards since May 12, the upward movement so far looks corrective. Additionally, the price has yet to break out from a long-term pattern.
RSR has been decreasing underneath a descending wedge since Sept. 2021. The downward movement has so far led to a low of $0.033 on May 12, 2022.
The price has been moving upwards since, and seemingly broke out from the wedge on May 30. However, due to the presence of numerous long upper wicks, the exact slope of the resistance line cannot be confidently determined, so it is possible that the price is trading just below it.
If the upward movement continues, the closest resistance area would be at $0.0115, The area had previously acted as support in March 2020. Afterward, the next closest resistance area would be at $0.0215.
Ongoing bounce
The upward movement since May 12 can be contained inside an ascending parallel channel. Such channels usually contain corrective movements, meaning that an eventual breakdown from it would be likely.
Both the RSI and the price movement support this interpretation. The price has fallen below the middle of the channel, while the RSI is at risk of breaking down from its ascending support line.
A breakdown from the channel would likely cause an acceleration of the rate of decrease.
RSR wave count analysis
The wave count suggests that the price has been decreasing inside a five wave downward movement (black) since Aug. 2021. If so, it is currently in wave five.
The sub-wave count is given in yellow, also suggesting that the price is in sub-wave five.
This means that the ensuing decrease will be the final one prior to a very significant rebound.
For Be[in]Crypto’s latest bitcoin (BTC) analysis, click here
Trusted
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
