Why is RIF Price Up By 31%? Analyst Highlights Massive Breakout Consolidation

Veteran crypto chartists World of Charts and Universe of Crypto both highlighted textbook bullish continuation patterns primed for breakout in Rootstock Infrastructure Framework’s RIF token this past week.

In the multi-year timeframe, RIF can be seen consolidating within a clearly defined symmetrical triangle structure—a pattern known for violent breakouts after a period of directionless churn. Moreover, World of Charts notes the upper triangle resistance has been tested multiple times now, indicating fragility for a major upside resolution.

Drilling down to the weekly chart, Universe of Crypto also identifies early signs of a high-probability bull flag taking shape, which typically paves the way for impulsive moves higher. He expects a retest of last week’s spike upon a successful break.

Together, these nods from respected analysts spotting RIF on the verge of confirming highly constructive chart patterns suggest strong conviction for an imminent upside price explosion. As a DeFi infrastructure project, RIF stands to benefit from surging interest in decentralized applications as well, making a perfect catalyst combo.

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RIF, the native token of the Rootstock infrastructure framework, has exploded higher in recent days, with prices up 31% this week. Key highlights:

  • 24H Low: $0.1211
  • 24H High: $0.1635
  • 24H Volume: $40 million, +206%

In summary, multiple eminent chartists spotting textbook technical breakout patterns in play spell excellent short-term odds of an impending price explosion for the RIF token. The weekly time frame setup in particular shows strong conviction behind renewed bullish momentum.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency

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