The Rollbit Coin (RLB) Price Analysis: Will the Price Reach a New All-Time High?
The Rollbit Coin (RLB) price has surged in the past two days, hitting a new all-time high of $0.24 on August 8. Although there has been a slight decrease since then, the price action indicates a potential breakout and another attempt at reaching the high in the near future.
Main Breakdown:
- The RLB price finally broke above the crucial $0.120 horizontal resistance area on August 8, after several unsuccessful attempts.
- After reaching the all-time high, RLB experienced a slight decrease, accompanied by a long upper wick, suggesting selling pressure.
- The RSI (Relative Strength Index) gives a neutral reading, indicating that bulls still hold an advantage.
- External Fibonacci retracement levels can be used to determine future targets for potential highs.
- The wave count suggests that RLB is currently in wave three of a five-wave upward movement.
Despite the bullish predictions, if the price falls below the wave one high at $0.125, it could invalidate the bullish count and result in a correction to the next support level at $0.10.
Hot Take:
The Rollbit Coin (RLB) price has shown strong momentum, reaching a new all-time high. While there may be some short-term corrections, the overall trend suggests a potential for further upward movement. Traders should closely monitor the price action and key support/resistance levels to make informed decisions.
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