Is It Too Late to Buy Rollbit Coin? RLB Price Rallies Up 24% and New Telegram Casino Startup Raises $350,000
Rollbit (RLB) has surged +24% in a dramatic upside move, as network growth and high GambleFi revenues trigger renewed interest in leading iGaming token – but is it too late to buy Rollbit Coin?
The strong recovery move comes as RLB battles a tight range between the 20DMA support and upper trendline resistance – a move fuelled by bullish growth on the Rollbit platform.
In a testament to steady growth, active on-chain Rollbit users now exceeds 10,000 for the first time.
The number of on-chain RLB hodlers breached 10,000 today after a strong month of revenue for Rollbit in September.— Lucky (@Lucky_Rollbit) October 2, 2023
Nearly $38,000,000 was generated across our three revenue streams, resulting in a buy and burn of over $5,000,000 in RLB (1.265% of the circulating supply)!
And this comes amid staggering revenues for the top-flight token – which have seen $38m in monthly revenues and an impressive 1.265% of supply burned.
RLB Price Analysis: Is It Too Late to Buy Rollbit After +24% Move
Following the big move, Rollbit is currently trading at a market price of $0.163 (representing a 24-hour change of +20.92%).
This comes after RLB pushed up on September 28, amid broader upside movements in crypto markets, to reclaim strong support from the 20DMA – a moving average which had limited price increases for 27-days.
The weekend and this week have seen price action caught in a tight battle – caught between a rock (the 20DMA) and a hard place (the upper trendline resistance).
Bolstered by bullish network growth, Rollbit bulls have been pushing to breakout of the current trading channel, however, a rapidly heating RSI could cast a shadow over RLB’s poised structure.
This leading technical indicator is currently stood at 56.79 – heating up on the recent move, suggesting that further consolidation here could be necessary.
While the MACD on the other-hand has flipped to bullish divergence at 0.0065 – emphasising the upside momentum underpinning price action.
Overall then, Rollbit has everything to play for in current posture, with price action and RLB bulls seemingly intent on driving a break-out move – all eyes are on the upper trendline.
To the upside, in the event of a break-high RLB is targeting higher support at $0.185 (a possible +13.22%).
However, downside risk could see RLB fall back to the 20DMA at $0.1307 (a potential -20.01%).
This leaves Rollbit with a risk: reward ratio of 0.66, a late entry into current technical structure.
But while it might be too late to buy Rollbit on the short-time frame, an alternative play garnering interest in crypto circles combines the power of GambleFi with the fun of Telegram bots.
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