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The Rollbit Coin price surged over 9% in the last 24 hours to trade at $0.1079 as of 6:48 a.m. EST as investors accumulate the altcoin at a rapid pace.
With this recent gain, the RLB price has also soared more than 42% over the past 7 days.
The Rollbit Coin Prints A Series Of Higher Highs And Higher Lows
4-hour chart for RLB/USDT (Source: GeckoTerminal)
The Rollbit Coin price has formed a bullish channel on the 4-hour chart after printing multiple higher highs and higher lows over the past 48 hours. The crypto is now attempting to overcome the major resistance level at $0.1181. Should it close a 4-hour candle above this level in the short term, RLB could have the technical foundation needed to continue rising.
However, a rejection from the $0.1181 barrier in the coming 24 hours might invalidate the bullish thesis. In this alternative scenario, the Rollbit Coin price could be at risk of dropping out of the ascending price channel and falling to the immediate support level at $0.1064. Falling below this mark might then lead to RLB dropping to $0.0963 and possibly as low as $0.0839.
Technicals Warn The Rollbit Coin Price Might Correct
From a technical perspective, indicators on the crypto’s 4-hour chart warn RLB is losing some of its bullish strength. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are starting to show signs of diminishing buyer strength.
In the last couple of hours, the RSI line has fallen from 78 to 70, which is a classic indication of sellers starting to chip away at buyers’ strength. What’s more, the crypto is currently overbought. Traders generally start to enter into short positions for a crypto when it is overbought since its downside potential is greater than its upside potential.
Meanwhile, the MACD line is starting to fall towards the MACD Signal line. This might be an early sign of RLB’s positive trend coming to an end. Should the gap between these two technical indicators continue to narrow, the Rollbit Coin price could stand the risk of entering into a new bearish trend.
While RLB loses some of its bullish strength, experts are saying that Memebet Casino (MEMEBET Token) might be the best crypto to buy now for potential 100X gains.
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