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The Rollbit price is trading at $0.25 as of 3:30 a.m. EST, after rising 8% over the last 24 hours.
RLB uptrend appears unstoppable as it trades in a third consecutive bullish session on the daily chart. It is up 38% over the last week and 44% in the past 30 days. The technical setup points to a massive upward move in the short term.
The latest surge in the Rollbit price appears to have been influenced by whale activity. According to data from Lookonchain, a blockchain data analysis firm, “4 whales bought a total of 20.3M $RLB($4.14M) in the last 2 days.”
The price of $RLB increased by 15% today to reach a new all-time high.
We noticed that 4 whales bought a total of 20.3M $RLB($4.14M) in the last 2 days.
9x9x9 (@9x9x9eth) spent 1,230 $ETH($2.22M) to buy 11.28M $RLB at $0.197.https://t.co/ASaz62kDno pic.twitter.com/melE6Ncpbr
— Lookonchain (@lookonchain) November 1, 2023
One of these large investors spent 1,230 Ether (worth approximately $2.22 million at current rates) to acquire 11.28 million RLB tokens at $0.197.
These transactions by the whales could be responsible for the over 53% increase in price witnessed over the last 48 hours.
Meanwhile, crypto analysts are continuously becoming bullish on the gaming token giving their projections in the long term.
A crypto investor going by the name hitesh.eth on X posted the following image explaining RLB’s valuation.
The price of $RLB could potentially reach $4.1 to $20.6 by 2027.
Rollbit is currently running at a $533 million Annual Revenue Rate (ARR). The current Fully Diluted Valuation (FDV) of Rollbit is at $728 million, which is just a 1.36x multiple of ARR. When you compare this with… pic.twitter.com/lAIguPc1v9
— hitesh.eth (@hmalviya9) November 1, 2023
Based on these valuation figures, they derived ARR Multiples, which helped them to calculate the projected market cap noting “The price of $RLB could potentially reach $4.1 to $20.6 by 2027.”
Rollbit Price Displays Strength as New-all Time Highs Loom
An earlier analysis by InsideBitcoins indicated that the RLB price had formed a rounding bottom chart pattern that projected a 50% rally to $0.34.
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.
The GameFi token is on track to reach the target after rising to all-time highs (ATH) at $0.25 earlier today on Poloniex. The next target is the $0.30 psychological level and thereafter the technical target of the governing chart pattern at $0.34. Such a move would represent a 35% increase from the current price.
RLB/USD Daily Chart
Supporting this bullish outlook for Rollbit was the Relative Strength Index (RSI) was positioned in the overbought territory. The price strength at 72 indicated that the buyers were in complete control of the price.
Moreover, the Rollbit price traded above all the major moving averages, providing vital support on the downside, and adding credence to RLB’s positive outlook. These areas were defined by the 20-day Exponential Moving Average (EMA) at $0.20, the 50-day EMA at $0.1813, and the 100-day EMA at the $0.1626 region.
On the other hand, the RSI showed that Rollbit was overbought. As such, the uptrend 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 $0.23 would invalidate the recovery efforts and initiate a fresh sell-off toward the $0.22 level, the neckline of the governing chart pattern.
Dropping below this level would place RLB back onto the price range defined by the rounding bottom pattern with a possible move to the $0.2o to $0.15 demand zone, where all the moving averages are found or the pattern’s bottom at $0.10.
RLB Alternatives
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The TG.Casino team has already amassed more than $1.6 million in presale, representing 64% of the $2.5 million funding goal.
We have passed the $1.6 million checkpoint🎰$TGC is blowing up! pic.twitter.com/1RriRQSHPU
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