The Reserve Rights (RSR) price has been increasing since Oct 7 and just broke out from an important resistance area.

The increase is expected to accelerate if RSR can break out from its current short-term pattern.

The RSR price has been moving upwards since it reached a low on Oct 7. The price broke out from the resistance area of $0.0185 on Nov 17, validated it as support in the form of a long lower wick, and has been moving upwards since.

There is a lack of resistance above the current price, and the next resistance area is found near the previous all-time high at $0.03.

Cryptocurrency trader @CryptoNewton outlined an RSR chart and predicted that the price is likely to move higher, also giving a target near $0.03. Due to the lack of resistance between the current price and $0.03, it seems likely to be reached.

Technical indicators in the daily time-frame are bullish. The RSI, MACD, and Stochastic oscillator are increasing, and the latter has made a bullish cross. However, the RSI is overbought, suggesting that the rally is overextended.

While the long-term trend seems to be bullish, the price is trading right at the 0.618 Fib retracement level, suggesting that a possible short-term rejection could occur.

The short-term chart shows that the price is trading inside an ascending parallel channel, and is currently right at the resistance line of the pattern.

There is a bearish divergence in the MACD and an unconfirmed bearish divergence in the RSI. If a rejection occurs, which would also fit with the 0.618 Fib retracement level, the RSR price could decrease towards the middle of the channel before eventually moving upwards.

If a breakout occurs, the rate of increase is likely to accelerate quickly towards $0.03.

To conclude, while a short-term rejection could occur, the RSR price is expected to move towards $0.03. The rate of increase is likely to accelerate if RSR breaks out from its current short-term pattern.

For BeInCrypto’s latest Bitcoin analysis, click here!

Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto

The post Reserve Right (RSR) Jumps Over Resistance to Target $0.03 appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

232 +