Reserve Rights (RSR) Looking For A Positive Breakout Above $0.050

  • Reserve Rights have been facing moderate corrections from the past couple of trading sessions due to the resistance level of $0.050
  • During the current market session, the price levels faced a significant downfall of 8.00%
  • The RSR/ETH also turned negative with a loss of -8.10% bringing the current level to 0.00003077 ETH  

Reserve Rights has been on a bullish trend since the starting of the year. On the weekly terms, the cryptocurrency has provided an overall gain of 7.00%. The price levels started the year around $0.015 and reached a critical resistance zone of $0.050 during the positive rally. During the current market session, the levels looked vulnerable for a negative breakout below the crucial mark of $0.040. The CMP is placed at $0.04085 with an overall loss of -11.58% bringing the market capitalization to $378,467,320 and the 24-hour volume traded of $370,934,161. 

Source: Tradingview

The technical chart of Reserve Rights highlights the bullish momentum built by the price levels from the starting of the year. The positive rally has built an ascending triangular pattern on the chart from which the levels will be looking for a positive breakout. However, in accordance with the current price action, consolidation for the cryptocurrency could be expected in the upcoming trading sessions also. 

Source: Tradingview
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 On taking the pattern into a 4-Hour candle timeframe, one can say that the potential of consolidation for the cryptocurrency has increased and the expected breakout is a little far away from the price levels. Also, the price levels need to maintain sustainability with respect to the lower range of the ascending triangle. 

Source: Tradingview

On the moving averages, the price levels are moving well above 20-EMA reflecting on the bullish trend of the cryptocurrency. 50-EMA could be acting as a major support line if the price levels face significant corrections or a negative breakout from the ascending triangle pattern. 

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Krystian Bielanskihttp://www.thecoinrepublic.com
Krystian is a crypto trader and investor with a background in IT based in Hong Kong. He specialises in technical and fundamental analysis working closely with chartist and algo programmers.

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