After reaching its all-time high of $0.20 on August 26 and again on August 29, Rollbit’s price began a downward spiral. It remained in a downtrend until September 11 when it hit $0.11, but the decline didn’t end there.
A brief recovery to $0.16 on September 14 was followed by another downturn, resulting in a lower low of $0.98 on September 26. This represented a 54% decrease from its all-time high.
Starting from September 27, a significant new uptrend emerged, driving the price back to its September 14 high yesterday, marking a 65% increase. With the price still on an upward trajectory and considering the substantial rise, could this signal a potential new all-time high in the making?
Yesterday, the RLB price successfully reached its September 14 high of $0.16, but it encountered resistance, indicated by a significant red candle on the 4-hour chart. This horizontal level corresponds to the midpoint within the range spanning from the all-time high to the low observed on September 26.
We witnessed a breakout from the descending triangle, and while resistance was briefly tested as support, we’ve only seen a single significant upward move. The rise from September 26 to October 3 likely represents the initial sub-wave of a larger five-wave impulse.
Following this count, now that the price has encountered resistance and completed its first five-wave pattern, a descending move seems highly probable. This decline may be corrective in nature, forming an ABC pattern with an optimal price target around $0.12, at the 0.618 Fibonacci level.
If the price is indeed entering its next bullish phase, this descending move would constitute its first significant higher low, indicating a shift in support levels. It’s improbable that the price will reach a new all-time high in its current move, as it appears to have reached its peak in this advance.
Therefore, the anticipated descending move will serve as a crucial indicator of this possibility. Should it find support between the 0.5 and 0.618 Fibonacci levels, we can anticipate a more substantial upward move. Using the Fibonacci extension tool, we’ve identified potential price targets of $0.22 for wave 3 and $0.26 for wave 5, which could become its new all-time high target.
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.