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- 1 At press time, the Rollbit Coin was trading close to 0.104 suggesting an intraday loss of 1.68%.
- 2 The technical indicators imply a bearish outlook below the key moving average of 20 day EMA.
The Rollbit Coin continues to lose on the second consecutive day and has slid near its weekly low value. The price suffered rejection from the 50 day EMA, which has been acting as a dynamic resistance and dragging the price on the lower side.
RLB witnessed a bearish trend in the last two months. The key EMAs played a key role in dragging the price towards the lower side. The crypto price suffered multiple rejections from the EMAs.
The daily chart suggests that the bears retained control of the trend and made aggressive short positions after every rise. The price currently hovers near the yearly low value and is at a risk of a breakdown.
The bulls are attempting for a recovery after the price broke down below the monthly low value. However, they seem to be failing as the price suffered rejection from the 50 day EMA.
Any breakdown on the lower side may be anticipated as a trend continuation and the price may drop more. However, the bulls need to accumulate and surpass the lows and surpass key EMAs to shift the trend.
Rollbit Coin Crypto Volume Analysis
The RLB volume analysis illustrates that the intraday volume received was $2.135 Million which is 4.56% less than the previous day. The volume has dropped in the recent sessions indicating a trend weakening. The current market capitalization of RLB is $345.63 Million.
The volume to market capitalization ratio is 0.57% suggesting low volatility in the market. It has 3.29 Million RLB tokens in the circulating supply.
Social Indicators Draw A Bearish Curve
The social data including social dominance and twitter followers reveal the increasing or decreasing participation of the social media users in the RLB crypto. The above chart shows that the social dominance of crypto has dropped in the recent sessions. It suggests the loss of interest among the users in Rollbit coin.
However, the X followers seems to be constant in the last few months. X is one of the most important social sentiment indicators due to the news and development updates are available on X.
Technical Analysis Of Rollbit Coin
The directional technical indicators like exponential moving average impart a bearish outlook in the short term. The RLB price hovers below the key EMAs of 20, 50 and 200 days suggesting a negative outlook in the short term as well as long term.
At the time of writing, the RSI line was placed at 45.60 below the mean line and that of the SMA line was placed at 46.89 points. Both the RSI and SMA line were placed below the mean line suggesting a weak outlook in the short term.
Rollbit Coin Crypto Forecast 2024
On the most optimistic note, RLB cryptocurrency could gain to a high of $0.166 as the highest price in April if the bulls are able to surpass the exponential moving average of 50 days. On the other hand, the most pessimistic prediction of our analysts is for the price to reach $0.051 if it breaks below the recent swing low of $0.083.
Conclusion
The Rollbit Coin is at the risk of falling further after the losses extended on the second consecutive session. The price suffered rejection from the 50 day EMA and slid down indicating a bearish trend continuation. The price hovers near the yearly low value and might resume on the lower side if it continues on the lower side.
The volume and social dominance dropped in recent sessions. Also, the technical indicators imply the prevalence and continuation of a bearish trend.
Technical levels
- Support Levels: $0.083 and $0.516
- Resistance Levels: $0.116 and $0.166.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock 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.
