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The Rollbit Coin price slumped almost 5% to $0.214 as of 7 a.m. EST after starting the month with a 12% surge.
RLB was massively overbought but it remains bullish, moving within the confines of an ascending parallel channel.
RLB token features among the day’s trending coins, after it tested the upper boundary of a bullish chart pattern in an attempted breakout. More specifically, the token recorded a new all-time high at $0.23.
Wow, #rlb breaks out to a new ATH to 22c pic.twitter.com/MLzM7QiACE
— ChimpZoo 🇸🇦 (@ThinkingBitmex) November 1, 2023
The Rollbit ecosystem has been active in reducing the circulating supply of RLB tokens by way of token burning. For instance, on October 23, up to 400,000 RLB tokens were burned, giving the token an edge over others in the crypto scene. This is because token burning creates a trade imbalance between supply and demand, in favour of the latter.
$400K #RLB burnt yesterday
That equates to $12m monthly
$144m yearly
How can any non-top 10 token even compete? pic.twitter.com/dqby1LeviI
— ChimpZoo 🇸🇦 (@ThinkingBitmex) October 24, 2023
The network repurchases and burns millions of tokens daily from its earnings, making it hard for other altcoins outside the crypto top 50 to catch up.
– The #RLB token reached a new high 🌑, repurchasing and burning 2 million tokens daily from its earnings.
– #memetoken #joecoin 3xd in a week. Sold off yday (Unibot hack) but rebounded quickly to a new ATH 🚀
– Smallcaps #GAS and #SLP, 🆙 after #binancefutures listing
— Frosty Ribby (@Frosty_Jessie) November 1, 2023
After the new all-time high on November 1, profit booking has increased for RLB on the Ethereum chain. Specifically, in the past 12 hours for the sold token RLB, the total volume in terms of USD is approximately $3.12M. They sold tokens amounting to approximately $415.81k.
Despite the selloff, the Rollbit chart is still looking healthy, giving investors a lot of entries, with some setting their take profits at around $0.32.
Gave enough good entries on this one. Not buying anymore. 🙅
Only selling a bit over 0.32 for now. 🤝#RLB #Rollbit pic.twitter.com/Tk7ewjQbJI
— alphatracker (@0xalphatracker) November 1, 2023
However, this is not investment advice as traders are always advised to conduct their own research and invest money they are okay to lose, given the risky nature of crypto.
Rollbit Coin Price Outlook After RLB Recorded A New ATH
Rollbit Coin price remains within the confines of an ascending parallel channel, a bullish technical formation that promises more gains for investors as long as the price remains trapped within its boundaries.
Even after a rejection from the $0.23 resistance level, the upside momentum for RLB remains strong. The position of the Relative Strength Index (RSI) above 50 shows the bulls still have some fight in them. Similarly, the Awesome Oscillator (AO) is in the positive zone, suggesting bulls still lead the market.
Increased buying pressure above current levels could see Rollbit Coin price clear the $0.23 resistance level to record a new all-time high. Confirmation of a continuation of the trend would occur once the altcoin breaks and closes above the $0.25 level on the daily timeframe, bringing the $0.30 psychological level into sight. A climb to this enviable target would constitute a 50% move north above current levels.
Notwithstanding, it is impossible to ignore the fact that the RSI is en route south, with the histogram bars of the AO fading. This shows momentum is fading as more and more bulls continue to exit the RLB market.
The ensuing selling pressure could see Rollbit Coin price confirm a break below the midline of the ascending channel, a crucial support, after breaking below the $0.20 buyer congestion level. In the dire case, the slump could extend for Rollbit Coin price to fall out of the lower boundary of the channel to tag the $0.15 psychological level. Such a move would invalidate the bullish thesis.
This could provoke a sell-off, with Rollbit Coin price likely to test the $0.13 support level, or in the worst-case scenario, stretch a leg down to $0.09 support floor. Such a move would constitute a 50% fall below current levels.
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Also Read:
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- No BS Crypto Invests $1,000 in TG.Casino, High Staking Rewards Earnings for 2023
- How to Buy TG.Casino Token – $TGC Presale Review 2023
- Casino Price Prediction – $TGC Price Potential in 2023
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