Rollbit Coin (RLB) Price Fights to Hold Support Despite Casino Activity Surge

Key Takeaways

• Rollbit Coin (RLB) trades inside an ascending parallel channel.
• The RLB price has completed a five-wave downward movement.
• What’s behind the increase in Rollbit activity, and can price do the same?

Rollbit, a crypto gambling platform that offers numerous casino and sportsbook events, has seen its price trend downward for over a year.

However, it started to create higher lows at the beginning of 202, which is a potential shift to a bullish trend.

On Feb. 18, a surge in activity garnered attention but did not lead to a similar price increase.

With that in mind, let’s analyze the factors behind this surge and see if the price can eventually do the same.

Increased RLB Activity

The official Rollbit X account noted a massive increase in Rollbit activity in the past 24 hours. The increase is especially notable in the number of RLB burned.

In the past 30 days, the RLB burn has hovered around 50,000, but it briefly jumped to 300,0000 on Feb. 18. The burn has stabilized since.

The culprit for the increase was the casino revenue, which spiked proportionally on the same day.

Conversely, the crypto futures and sports revenues did not increase but have trended slightly downward for the past 30 days.

RLB Creates Higher Lows

The RLB price has been mired in a long-term bearish trend since its $0.263 high in November 2023. The downward movement culminated with a low of $0.044 in August 2024.

While the price has increased since, creating several higher lows, the movement is contained inside an ascending parallel channel.

These channels usually contain corrective movements that do not bode well for the direction of future trends.

Moreover, the RLB price trades below two important horizontal resistance levels, $0.105 and $0.135, which have thwarted any attempts at beginning an upward movement.

As a result, the RLB price still has a long way to go before confirming its bullish trend reversal.

On top of this, technical indicators are bearish. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) fall below their bearish thresholds at 50 and 0, respectively.

Therefore, the weekly time frame suggests the RLB price trend is bearish, and an eventual breakdown from the channel is likely.

Bearish RLB Price Trend

The daily time frame RLB chart aligns with this bearish prediction. It shows that RLB has completed an upward A-B-C corrective structure and a short-term five-wave decline. This means the trend is bearish, and all bounces are considered relief rallies.

However, since a five-wave decline is complete, the RLB price could bounce significantly. The bullish divergences in the daily RSI and MACD (orange) also indicate this scenario.

If the RLB price bounces, the 0.5-0.618 Fibonacci retracement resistance level at $0.112 – $0.122 is a possible target for a local top.

Afterward, the RLB price could break down from its long-term parallel channel and decline to new lows.

Bearish 2025

The RLB price has completed a short-term correction, and trades are at an important support level.

While this could trigger a bounce, supported by the bullish daily time frame readings, the long-term trend remains bearish.

Therefore, RLB is expected to create a higher low and fall in the second half 2025.