Despite a backdrop of declining value for most altcoin projects, RLB has managed to surge +44.5% week-on-week. This impressive defense of its lower trading range has caught the attention of big influencers on crypto Twitter, who remain bullish on Rollbit.
GambleFi as a narrative has gained interest in recent weeks, with markets getting excited about the growth prospects for crypto projects targeting the $63Bn online gambling space. Among these projects, RLB has stood out as the market leader, with a surge of +197% so far.
While the growth potential in this emerging sector is clear, RLB has faced challenges on the charts. It has struggled to regain a bullish position atop the 20DMA. However, recent positive developments suggest a potential reversal.
After 16 days of suppression under local resistance from the 20DMA, RLB experienced a significant recovery over the weekend. It jumped up +35% and reclaimed its bullish technical position atop the 20DMA. This upside move indicates a healthy reversal for Rollbit.
With this strong technical footing, RLB is now positioned to push up to a higher support level at $0.24. The positive momentum is building, but some caution is warranted.
The recent upside swing has seen the RSI heat-up to 58, suggesting increased bearish divergence as the price becomes overbought. The MACD also reflects this bearish sentiment with divergence at -0.0011. These indicators could indicate a need for consolidation at current levels before upside momentum resumes.
While an upside move to $0.24 (+24.3% increase) is a target for RLB, there is a significant downside risk. A drop from the 20DMA could see a return to $0.14 (-27.5% fall). The risk-reward ratio for RLB on the short-time frame is 0.88, which suggests a bad entry characterized by downside risk. It may be too late to buy Rollbit.
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