Cryptocurrency casino and derivatives exchange Rollbit (RLB) has seen its token surge over 14% in the last 24 hours, hitting close to $0.20 and a new all-time high. This latest price action continues RLB’s robust performance even amid the ongoing crypto bear market.
RLB is currently trading inside an ascending channel, with signs of a potential inverse head and shoulders pattern and ascending triangle formation. This bullish technical setup has caught the attention of analysts, who speculate the coin could soon rally to $1.
Driving this optimistic outlook is the growing momentum behind a Bitcoin exchange-traded fund (ETF). As regulators edge closer to approving a Bitcoin ETF, analysts believe the resulting influx of institutional investments could have a profoundly positive impact on the broader crypto market. RLB is well positioned to capitalize on this narrative.
The coin is also trading constructively on key market indicators. RLB is holding above the crucial 50-day exponential moving average and weekly volume weighted average price (VWAP) – both bullish signals. On-chain data reflects surging interest as well, with whale transactions and social dominance rising sharply.
However, the relative strength index (RSI) for RLB currently sits at 87. An RSI above 70 is considered overbought territory, signaling the asset may be primed for a pullback or consolidation. This does not negate RLB’s bullish outlook, but suggests some short-term caution may be warranted.
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In summary, while RLB exhibits a firmly bullish technical and on-chain profile, the overextended RSI hints prices could cool off in the near-term. But analysts ultimately see strong potential for RLB to continue rallying over the medium to long term, with $1 viewed as a viable upside target.
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