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- Roblox stock price is declining under a falling wedge pattern.
- RBLX stock fell nearly 73% over the past 52 weeks.
NYSE:Roblox stock slapped value buyers as price action continues to slide. Price action forms lower-high and lower-low structures in each time frame like the weekly up and down. As of now, buyers are reeling under immense selling pressure as sellers have pulled down property prices to a 6-month low.
Near the $50 mark, bears often turn aggressive as buyers face multiple times of intense selling. Nevertheless, this resistance area remains an important bullish hurdle and breaking this level would require the bulls to push the asset price higher by more than 90%.
In the letter dated December 27, a neutralization was observed with little change in the global market. The Dow Jones was up 0.11% at 33,241, The Nasdaq was looking slightly weaker as it fell 1.38% last night. Meanwhile, the bulls managed the Roblox stock price (RBLX) in the bullish zone as they gained 1.57% and closed at $26.33.
As of now, the $25 mark is looking good for an immediate support level. Below this support, sellers can target the yearly bottom to prevent a sharp selloff. Last night, the trading volume was 11.08 million, lower than the previous day, and speculators saw less volatility. Thus, the ADX indicator remains below 20, indicating weak strength in the bearish trend.
On the daily price chart, Roblox stock price is residing well below the important simple moving averages. The 20 DMA appears to be an immediate resistance. Notably, the RSI indicator at 35 shows weak strength in the ongoing recovery.
Conclusion
Roblox share price (RBLX) is trading near a 6-month low. Between the battle of the bulls and the bears, the stock price often follows the order to sell. Going forward, the $21 mark will act as the next support level for the buyers.
Support level – $21
Resistance level – $30 and $50
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
