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The Rollbit Coin price is currently undergoing a significant turnaround, surging by over 11% in the past 24 hours to $0.2288 as of 2:30 a.m. EST.
RLB has displayed strength since Oct. 14 rising more than 87% in less than two weeks to the current levels. It rallied more than 42% on Oct. 30 alone, as investors grow confident that Rollbit may emerge as one of the leading GameFi tokens in the next bull run.
With technical indicators pointing to further upside potential, traders are closely eyeing the RLB price action. Crypto analyst going by the name CRYPTOWZRD on X is bullish on RollbIt.
The analyst posted the following chart showing that RLB was in the process of forming an inverse head-and-shoulders technical formation on the daily timeframe.
⚠️ WZRD SWING IDEA 🔮
Rollbit.. $RLB is looking interesting..
Can it become an inverse H&S 👀
The outcome would be fantastic targeting $0.27 🚀 pic.twitter.com/twKG0ipWMy
— CRYPTOWZRD (@cryptoWZRD_) October 25, 2023
An inverse head-and-shoulders is a highly significant chart pattern that if completed could project a rally in the Rollbit price to $0.27 or possibly $0.32.
Rollbit Price Bulls Could Exploit a Rounded Bottom to $0.34
RLB price action since August 26 has formed a rounded bottom chart pattern on the daily chart. This pattern is formed when an asset initially drops toward a low, indicating an excess supply even as volume decreases.
A reversal to an upward trend occurs when bulls regroup at lower levels, buying more at a discount. This increases demand for the asset, which in turn causes the price to grow. Once the rounding bottom is complete, the asset breaks out to start a massive move upward.
In this case, the Rollbit broke out of the rounding bottom chart pattern on Monday and was confirmed once the token produced a daily candlestick close above the technical pattern’s neckline at $0.22.
This sets RLB on the path to a 49% increase to reach the bullish target of the prevailing chart pattern around $0.34, representing new all-time highs for the gaming token.
RLB/USDT Daily Chart
Apart from the significantly bullish chart pattern, the Direction Movement Index (DMI) showed that the buyer’s grip on Rollbit was substantial. The positive directional line (+D1) at 26 was way above the negative directional (-D1) line at 5. The Average Direction line (ADX) was at 44, suggesting the uptrend was very strong.
The relative Strength Index (RSI) was also positioned in the positive region. The price strength at 68 indicated that the buyers were in complete control of the price, adding credence to RLB’s positive outlook.
Moreover, the Rollbit price traded above all the major moving averages, providing vital support on the downside. These areas were defined by the 10-day Exponential Moving Average (EMA) at $0.1896, the 20-day EMA at $0.1739, and the 50-day EMA at the $0.1590 region.
Contrastingly, the RSI painted near overbought conditions for RLB. As such, the upward recovery could soon run out of steam as buyer exhaustion kicks in. This implied that the ongoing price rise could grind to a halt, causing a sudden bearish correction.
Therefore, a daily candlestick close below $0.22 would invalidate the recovery efforts and initiate a fresh sell-off toward the $0.20 psychological level, or the $0.19 to $0.15 demand zone, where all the moving averages are found.
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