Will RLB (Rollbit) open the doors of opportunity?

RLB is at a pivotal point on the charts. And it has only one clear objective in sight—a breakout above the $0.20 horizontal resistance. But can we get that breakout is the key question? 

TLDR

• Rollbit (RLB) aims for a breakout above the significant horizontal resistance at $0.20.
• The overall trend is positive, and a successful breakout could target the $0.26 to $0.28 range.
• While RSI isn't significantly overbought, a bearish divergence raises some caution.
• The outcome may depend on Bitcoin's performance; RLB could reject resistance without BTC's help.

Disclaimer: Not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results. “One Glance” by Cryptonary sometimes uses the RR trading tool to help you quickly understand our analysis. They are not signals, and they are not financial advice.

Technical analysis

RLB wants a breakout of the main horizontal resistance at $0.20. It's in a main uptrend, which should be positive for price action. If RLB can break out of the main horizontal resistance at $0.20, then the target would be the $0.26 to $0.28 area we marked with the red box. 

RLB 12-hour

RSI 

Despite price moving up really nicely, the RSI is not significantly into overbought territory, which is where you might have expected it to be. However, we do have a higher high in price but a lower high on the oscillator, which is a bearish divergence and something we need to be aware of going forward. 

Cryptonary’s take

We feel that RLB may reject at the horizontal support unless BTC can break out and drag the rest of the market with it. 

Action

• A long-term DCA zone would be between $0.14 and $0.15.
• In the short term, the $0.18 area could be a local level of support to buy in the hope that the price pushes back to the $0.20 horizontal resistance and price breaks out. Unfortunately, our conviction isn’t high with this.