Home CryptocurrencyAnalysis Reserve Right Token Spikes leaving many in euphoria, $0.01 eyes

Reserve Right Token Spikes leaving many in euphoria, $0.01 eyes

by SuperiorInvest
  • The price of RSR is holding above the daily 50 EMA as the price targets $0.01
  • The price continues to look bullish and is holding above key support areas
  • RSR price is breaking out of the daily asymmetric triangle with high buy orders.

Reserve Right (RSR) token price has had a rough time breaking out of its range in recent weeks, but could rise to $0.01 as the price has broken out with more buy orders against tether (USDT). Despite the crypto market facing so much uncertainty as to where the market is headed, the price of the Reserve Right (RSR) token has shown tremendous strength as the price explodes in double-digit gains. (Data from Binance)

Analysis of the Reserve Right (RSR) price on a weekly chart

RSR Weekly Price Chart | Source: RSRUSDT On Tradingview.com

Despite its price dropping from $0.1 to $0.0037, a more than 70% drop from its all-time high. RSR price showed great strength as the price rebounded from its weekly low of $0.003, rallying to a high of $0.008 before facing a refusal to break above this area to higher levels.

The price of RSR continued to range as the price cannot break the weekly resistance of $0.008 for the price of RSR to trend higher towards the $0.01 area.

RSR price needs to break and close above $0.008 to have a better chance of trading higher. The Fibonacci retracement ratio shows that the RSR price is facing resistance at the 23.6% level; a flip of this resistance area into support will signal a larger relief bounce for RSR price.

If the RSR price fails to break this key resistance region, we could see the RSR price retest $0.0055 and act as a support and demand zone for further buy orders.

Weekly resistance for RSR price – $0.008-$0.01.

Weekly support at RSR price – $0.0055.

RSR price analysis on a daily (1D) chart

RSR Daily Price Chart | Source: RSRUSDT On Tradingview.com

The daily time frame for RSR prices continues to look strong as the price has broken out asymmetrical triangle with strong volume. Despite RSR’s rejection from the $0.01 high, the price continued to range in an asymmetric triangle before breaking out with good buying volume.

On the daily time frame, RSR price is currently trading at $0.0074 and is holding its price above the 50 exponential moving average (EMA), which acts as a support for RSR price. The price of RSR is trading below the 200 EMA while looking at $0.01 which is the main resistance. Price $ and $0.0063 corresponds to support at 50 EMA and $0.01 corresponds to resistance at 200 EMA for price RSR.

The Relative Strength Index (RSI) for SOL is above 40 on the daily chart, indicating more sell order volume.

Daily resistance at RSR price – $0.01.

Daily support at RSR price – $0.0063.

Featured Image From zipmex, Charts From Tradingview 

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