After a frustrating downtrend for most of December 2023 and January 2024, Rollbit (RLB) investors are finally seeing some positive momentum. In the last 24 hours, the RLB price has increased ~20% to trade around $0.13.
This is a welcome change for RLB holders, considering the token hit its all-time high (ATH) price of around $0.25 in mid-November before entering a prolonged downtrend. Just a few days ago, RLB hit its lowest level since hitting its ATH at around $0.11.
Taking a look at the technical indicators, the RSI (Relative Strength Index) for RLB, as indicated on the 4-hour chart, is currently at 61. An RSI value above 50 is generally considered a signal of positive momentum, suggesting that RLB has potential for further upside. The fact that the RSI is significantly above the midpoint of 50 reinforces the bullish sentiment in the market for RLB, indicating stronger buying pressure.
The MACD (Moving Average Convergence Divergence) line for RLB has recently crossed above its signal line, which is typically interpreted as a bullish indicator. This crossover, particularly as it occurs near the zero level, suggests growing bullish momentum.
If the MACD line continues to rise above the zero level, it would confirm an increasing bullish trend, indicating that the short-term momentum is outpacing the longer-term momentum, a sign of growing buying interest in RLB.
RLB does have a strong resistance level around $0.169, which aligns with the 1.618 Fibonacci extension level. This means we could see some selling pressure limiting gains around that price area in the short term. However, if bulls can push the price decisively above $0.169, it could set the stage for a larger rally.
Overall, the technical picture has notably improved for RLB in the last day. If the bullish momentum can continue in the coming days and weeks, RLB could potentially erase recent losses and make its way back toward its ATH. Traders will be closely watching to see if buyers can retain control at current levels and spark the next leg up for RLB.
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