The Rollbit Coin (RLB) price has increased considerably over the past two days, reaching a new all-time high price of $0.24 on August 8.
While the price has decreased slightly since, the price action suggests that a breakout and another attempt at reaching the high will occur soon.
Rollbit Coin Price Clears Crucial Resistance
The RLB price had traded below the $0.120 horizontal resistance area since August 4. During this time, it made numerous unsuccessful breakout attempts.
However, the price finally moved above the area on August 8. The breakout was swift, and RLB reached a new all-time high of $0.24 the same day.
After the high, RLB decreased slightly, creating a long upper wick (red icon). This is considered a sign of selling pressure. The $0.12 area is 30% below the current price, while the $0.24 all-time high is 37% above it.
The RSI gives a neutral reading. The RSI is a momentum indicator used by traders to evaluate whether a market is overbought or oversold, and to determine whether to accumulate or sell an asset.
Readings above 50 and an upward trend suggest that bulls still have an advantage. While readings below 50 indicate the opposite. While the RSI is above 50, it is also decreasing. Thus, it does not confirm the trend’s direction.
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RLB Price Prediction – New All-Time High or Local Top?
Since the price is at an all-time high, external Fib retracement levels are needed to determine the future targets for a potential high. According to the Fibonacci retracement levels theory, following a significant price change in one direction, the price is expected to partially return to a previous price level before continuing in the same direction.
This theory can also be used to identify the peak of future upward movements.
The current high was made right at the 1.61 external Fib retracement of the previous downward movement. Therefore, it is possible that a temporary top has been reached.
However, the wave count suggests that RLB is still in wave three of a five-wave upward movement. Elliott Wave theory involves the analysis of recurring long-term price patterns and investor psychology to determine the direction of a trend. The count suggests that the price is now correcting in what is likely to be wave four.
Then, another upward movement can occur. In that case, the next resistance will be at the 2.61 external Fib retracement level at $0.252. This would be an increase of 50% from the current price.
Despite this bullish RLB price prediction, falling below the wave one high (red line) at $0.125 will invalidate the bullish count. In that case, the RLB price could correct to the next support at $0.10, a drop of 40% measuring from the current price.
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