Release: 2024/10/31 00:04 Reading: 339
RabBitcoin Price Surges Amidst Bullish Sentiment
The RabBitcoin price has soared over 18% in the past 24 hours, reaching $0.000004493 as investors rush to acquire the altcoin. This surge has lifted RBTC's weekly performance out of the negative zone, resulting in an overall 17% gain over the past seven days.
RabBitcoin Price Retreats from Key Resistance Levels
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A 4-hour chart for RBTC/USDT (Source: TradingView)
After reaching an intraday high of $0.000006598, RabBitcoin's price has dipped below the $0.000005400 and $0.000004863 support levels. The cryptocurrency now faces the risk of losing support at $0.000004137, which could trigger a further decline to $0.000003672 in the short term.
However, bulls could still prevent a significant drop if the current price is perceived as an opportunity to buy. In such a scenario, RabBitcoin's price might reclaim the $0.000004863 support. A 4-hour candle close above $0.000004863 could provide RBTC with the momentum to surpass $0.000005400 and potentially reach $0.000005880.
Technical Indicators Suggest Potential Drop
Technical indicators on RBTC's 4-hour chart indicate that the price may decline in the coming trading day. Indicators suggest that buyers have lost momentum, with the Relative Strength Index (RSI) values declining sharply. A potential bearish cross between the RSI and its Simple Moving Average (SMA) could signal that sellers are gaining control.
The MACD and MACD Signal lines are also indicating a cooling down of bullish momentum. Currently, the MACD is above the MACD Signal, but the narrowing gap suggests a possible shift to a negative trend.
If the bearish signals persist, RabBitcoin's price could soon fall below the $0.000004137 support level.
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