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- 1 Roblox has seen a strong earnings and which has pushed the asset price to a momentary high
- 2 Technical indicators of RBLX are favoring a downside trend. It has seen a drop of 3.4% in intraday session
Roblox is a popular gaming platform that allows users to create, share and play games with each other. Since its inception in 2004, Roblox has grown exponentially and has become a staple in the online gaming industry. In March 2021, Roblox went public through a direct listing on the New York Stock Exchange, and its stock has been a topic of interest ever since.One of the reasons why RBLX stock is attracting attention is because of its incredible growth potential. With over 150 million monthly active users, Roblox has a massive user base that is still expanding. Furthermore, the company has been successful in monetizing its platform through virtual purchases, and its revenue has been consistently increasing in recent years.Recently RBLX has released their earnings which has pushed the asset price to a new high. Analysts are expecting a strong growth above $50 in the near future
Roblox has a market cap of $24 Billion with a negative EPS. Various analysts are expecting a strong growth in the asset price in future.
Bears Are Pushing RBLX Down
The weekly technical chart of RBLX suggests a consolidated trend in price. On the daily chart it is trading near the value of $40 with a slight drop in intraday session. It is forming a bearish pattern candle on the daily chart which can put it to a new low in the future. Resistance of RBLX price can be seen near the value of $50, Meanwhile a support in the asset price can be seen near $20,There is a consolidated trend formed in the asset price. It is trading above the 50 and 100 Daily Moving Average. There can be a negative crossover which can push it to a new low in the future.
RSI of the asset price is near 54 suggesting its presence in the neutral zone,There is a downside slope suggesting a downside momentum in price in the future.
Conclusion
Roblox has recently reported strong earnings in the recent quarter, It is currently consolidating but can observe a strong rise in the future.
Technical Levels
Major Support:$25
Major Resistance:$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.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
