At the time of writing, the price of BTC has once again exceeded $30,000 and some altcoins are starting strong rallies. What is remarkable across altcoins is the signals that the 600-800 day downtrends have ended. Many altcoins have experienced similar breakouts, leading investors to have higher expectations for the overall market rise.
Why Did Rollbit Coin (RLB) Rise?
RLB Coin, which has become very popular on social media these days, has reached an all-time high. We have also seen cryptocurrencies like YGG Coin have nearly 100% increases over the weekend. As BTC prepares for increased volatility again, early rallies have started in some altcoins. This is mainly due to fake demands created by speculators.
The withdrawal of major market makers from the market in early May caused the order books to empty. This triggers much larger rallies for purchases in the tens of millions of dollars. Even today, the price of BTC can drop to $28,400 on the Binance exchange with a sale of approximately $40 million. The scarcity of liquidity has turned speculative rises into traps for large crowds.
Rollbit Coin (RLB) Chart Analysis
RLB Coin, which recently reached its all-time high level, reached $0.24. The RLB price traded below the $0.120 horizontal resistance area since August 4. During this time, it made several unsuccessful attempts to test the region. However, the price finally rose above the region on August 8 and reached a new all-time high on the same day.
The price appears to be in the third wave of a five-wave upward movement for now. The next stage could be a correction in the fourth wave. In this case, the next resistance will be $0.252, which also means a 50% upward movement. However, for the scenario of a 50% increase to occur, there should be no closes below the first wave at $0.125. If this level is lost, the outlook will turn negative and the price will likely target $0.1. If it retraces to this support, we will have seen a 40% decrease from the current price.
If the fluctuation in BTC price continues on the upside, bulls may make one more resistance test, but for now, speculators seem to have gotten what they wanted.
