Is It Too Late to Buy Rollbit Coin? RLB Price Surges 30% and Launchpad Can Find the Next Crypto to Explode
Leading GambleFi token Rollbit (RLB) has surged +44.5% week-on-week, as bag-holders mount an impressive defense of lower trading range.
This comes as big influencers on crypto twitter remain bullish on Rollbit, despite a wider backdrop of declining value for most altcoin projects.
GambleFi has gained interest as a narrative in recent weeks, with markets excited about the growth prospects for crypto projects taking aim at the $63Bn online gambling space, with particular traction growing around market leader RLB which surged +197% so far.
But despite the unhinged growth that could be unlocked by this emerging sector, RLB has been caught in a troubling position on the charts recently as RLB has fought to regain bullish position atop the 20DMA.
RLB Price Analysis: Is it Too late to buy Rollbit?
As Rollbit pushes up, RLB is currently trading at a market price of $0.19 (a 24-hour change of +6.55%).
This comes amid a significant recovery for RLB, which jumped up +35% over the weekend to reclaim bullish technical position atop the 20DMA.
The upside move represents a healthy reversal for Rollbit, which suffered suppression under local resistance from the 20DMA for 16 days since August 13.
Now with strong technical footing, price is poised to push up to a higher support level at $0.24.
However, there could be some cause for concern - the recent upside swing saw the RSI heat-up to 58 - in a sign of increased bearish divergence as price becomes overbought.
While the MACD also reflects this bearish sentiment with divergence at -0.0011.
This could indicate a need to consolidate at current levels on the short-time frame, before upside momentum resumes.
Yet, while consolidation might be on the cards, RLB continues to target an upside move to $0.24 (a potential +24.3% increase).
While downside risk here is increasingly significant, as a tumble from the 20DMA could see a return to $0.14 (a possible -27.5% fall).
This leaves RLB with a risk: reward ratio of 0.88 on the short-time frame, a bad entry characterised by downside risk - suggesting it could be too late to buy Rollbit.
But while you might have missed the RLB recovery move, the best DEX traders are already searching for their next lucrative play and an emerging AI analytics tool offers the promise of supercharged crypto market insights.
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.Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.