After reaching an all-time high of $0.20 on August 12, the price of Rollbit started to fall back down to $0.13 making a decrease of almost 37% to August 20.
With the cryptocurrency market in a bearish period, many believed that Rollbit had concluded its upward trajectory. However, starting from August 20, another run-up has begun, with the price now revisiting the all-time high area.
Can it continue to rise further and reach a new all-time high in the coming days, or will it form a double top that sets the price up for a longer-term downtrend?
An uptrend development occurred from June 29, when the price was at $0.023. Since then, the price has increased by 792% in 44 days. This increase happened in a three-wave advancement, with wave 3 being slightly shorter than wave 1.
After the all-time high, the descending move retested the previous high, forming a horizontal support and leading to a bounce at $0.13 that started a new uptrend.
This bounce, which returned to the all-time high, invalidated the possibility of this move being corrective. Given the uptrend’s expected five-wave growth and the bounce returning to the all-time high, expect another higher high for wave 5.
The 4-hour logarithmic chart displays a clear ascending channel in this uptrend, featuring respected support/resistance levels at highs and lows.. This supports projecting the next higher high at the resistance level of this channel.
Starting from August 20, it appears that four waves out of the lower-degree five-wave impulse have already developed. This suggests an upcoming run-up, which could mark the final push in this uptrend that began at the end of June.
While the price target for completing this uptrend and reaching a new all-time high is dynamic, we must adhere to certain principles of the Elliott Wave theory. As wave 3 was shorter than wave 1, wave 5 is expected to be shorter than wave 3.
Considering this and the ascending resistance line, a projected price range can be estimated: from $0.24 at its minimum, $0.27 optimally, and up to $0.30 at its maximum.
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.