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Reserve Rights price has shot up by 12% in 24 hours, as cryptocurrencies generally extended the bullish narrative into the weekend. The optimistic outlook for RSR commenced in early January from December lows of $0.0027.
Following an 80% uptick, Reserve Rights price stalled at $0.00485, possibly due to profit booking. A minor retracement followed in early February, forcing RSR to seek support at $0.0040.
Reserve Rights price resumed the rally this week as the market generally rebounded led by Bitcoin and Ethereum. The largest cryptocurrency reached highs above $25,000 before correcting to confirm support at $24,500. On the other hand, ETH is up only 1.6% in 24 hours to trade at $1,699 at the time of writing.
Reserve Rights Price Eyes a 46.5% Move
Reserve Rights price has just validated an inverse head-and-shoulders pattern on the daily time frame chart. This is basically a head-and-shoulders (H&S) formation, but with a twist, since it’s upside down.
It starts forming with a valley (first shoulder), followed by a deeper valley (head), and finally another higher valley, or if you’d like the second shoulder, as illustrated on the chart below.
The inverse H&S pattern often comes into the picture following an extended downtrend in an asset, for instance, RSR. Traders who understand this pattern would place long entries marginally above the neckline.
Reserve Rights price breakout is measured by the height of the pattern, from the neckline to the head. As observed, it is extrapolated above the breakout point. That said, investors who bought RSR slightly above the neckline resistance may decide to cash out at the prevailing market value, and book new positions as the token stretches the leg to $0.0070.
In the meantime, Reserve Rights price is exchanging hands at $0.000542 at the time of writing after respecting resistance at $0.00578, as highlighted by the 200-day Exponential Moving Average (EMA) (in purple).
If the RSR token does not weaken the above resistance soon, profit booking could intensify with investors worried about a longer pullback. Therefore, traders should closely watch the reaction of Reserve Rights price to the 200-day EMA hurdle.
A break and hold above this moving average could ignite a breakout to $0.0070 and clear the path to $0.01. Investors may also choose to sit tight with their long positions intact and bolstered by a buy signal from the Moving Average Convergence Divergence (MACD) indicator.
The call to traders to buy RSR manifested as the MACD line in blue crossed above the signal line in red. Now the path with the least resistance will likely stick to the upside as the MACD nurtures the green histograms above the mean line at 0.00.
Will Reserve Rights Trim Gains?
The bullish outlook appears supported in shorter time frames based on the position of the MACD on the daily chart. As shown below, the buy signal is very vivid with the green histograms appearing much bigger above the mean line.
Nevertheless, a trend correction cannot be ruled out, at least not immediately – especially with investors likely to consider locking in the gains. Therefore, stubbornly bullish traders should tread carefully and follow the position of the MACD.
A call to sell RSR would come into play as the MACD line in blue flips below the signal line in red. Furthermore, declines will become significant if the momentum indicator generally drops toward the mean line.
In such a case, Reserve Rights price may seek refuge at $0.0052 and $0.0050, respectively. However, investors may start to acclimatize to declines intensifying if RSI starts exploring the areas below $0.0048.
On the flip side, all the major applied moving averages on the four-hour chart uphold the bullish outlook for Reserve Rights price. Remember buyers may continue streaming into the market, citing a golden cross formed when the 50-day EMA (in red) crossed above the 100-day EMA (in blue).
About Reserve Rights Token
Reserve is a crypto project built around helping people to cope with hyperinflation. The protocol provides people around the world with all the necessary tools to create and use stable currencies around the world.
In the Reserve ecosystem, smart contracts do the heavy lifting. Users are only required to set the rules and the platform will manage the entire process, including issuance and redemption. Other services provided range from modular governance, collateral plugins, and putting the collateral to work to built-in systems for change through time.
Reserve Rights Alternatives to Buy Today
Investors might want to look into other best altcoins to buy for 2023 along with RSR. Our team of experts has carefully selected a number of the best crypto presales for 2023, which could give above-average returns.
We review the cryptocurrencies for this list every week to provide you with crypto projects that offer a better risk-to-reward ratio.
For starters, investors are piquing interest in Fight Out, a cutting-edge Web3 fitness platform that is the best option for those looking to establish healthy move-to-earn routines. Given how affordable the ecosystem intends to make the fitness lifestyle, selling FGHT in a presale has not proven to be challenging.
Due to its simple and direct and user-friendly technological solutions, Fight Out has positioned itself as the best link between Web2 users and the Web3 world. Every user’s needs and goals will be recorded from the start thanks to a fitness application, currently being developed.
Following the initial sign-up, users will be asked to provide a fitness background, state the equipment they have access to, and key in their desired workout types and available time slots. The versatile app will also monitor metrics such as sleep patterns and nutrition.
Fight Out’s presale has raised $4.30 million supported by a 50% bonus, capped for purchases done before the $5 million threshold.
Similarly, C+Charge is one of the best altcoins to buy this weekend for its contribution to the green climate movement. EV drivers will for the first time, tap into the fast-growing carbon credit industry using blockchain solutions from C+Charge.
The carbon credit market, with an estimated value of $2.4 trillion by 2027, has been primarily controlled by major firms like Tesla. In this field, firms that comply with certain emissions regulations can earn carbon credits, which can then be bought and sold on an open market.
Even though individuals who utilize electric vehicles also contribute to environmental protection, they have yet to be included in this rapidly growing industry.
It aims to democratize the carbon credit industry by enabling EV drivers to earn carbon credits every time they pay using CCHG at charging stations. C+Charge presale is underway and in its second round with over $1.16 million raised.
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