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Reserve Right Token Spikes Leaving Many In Euphoria, Eyes $0.01

Reserve Right Token Spikes Leaving Many In Euphoria, Eyes $0.01

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  • The RSR price remains above the daily 50 EMA as the price is $0.01
  • The price still looks bullish, holding above key support areas
  • RSR price breaks out of the daily asymmetric triangle with high buy orders.

The price of Reserve Right (RSR) tokens has struggled to break out of its range in recent weeks, but it could reach $0.01 as the price rallied against more buy orders for tether (USDT). While there is so much uncertainty in the crypto market as to where the market is headed, the Reserve Right (RSR) token price has shown tremendous strength as the price breaks through double digit gains. (Binance information)

Reserve Right (RSR) price analysis on weekly chart

Weekly RSR Price Chart | Source: RSRUDT is Tradingview.com

Despite its price dropping from $0.1 to $0.0037, a drop of over 70% from its all-time high. RSR price showed great strength as the price bounced off the weekly low of $0.003 to reach a high of $0.008 before facing a rejection to break above the range to a higher level.

The price of RSR has continued to move in a range as the price cannot overcome the weekly resistance of $0.008 to push the price of RSR to the $0.01 area.

The RSR price needs to break and close above $0.008 to have a better chance of trading higher. Fibonacci retracement ratio shows RSR price resistance at 23.6%; Turning this resistance area into support means relief for RSR’s price.

If the price of RSR does not break this key area, which acts as resistance, we can see the price of RSR retest $0.0055, which acts as a support and demand zone for new buy orders.

Weekly resistance for RSR price – $0.008-$0.01.

Weekly support for RSR price – $0.0055.

RSR price analysis on a daily (1D) chart

Daily RSR Price Chart | Source: RSRUDT is Tradingview.com

The daily time frame for RSR prices still looks strong as the price broke out of the asymmetric triangle on strong volume. Despite the rejection of the RSR from the $0.01 high, the price continued to range, forming an asymmetric triangle, before breaking through on good buying volume.

On the daily time frame, RSR price is currently trading at $0.0074, holding its price above the 50 Exponential Moving Average (EMA), which is supporting the RSR price. The price of RSR is below the 200 EMA as it shows $0.01 which is a major resistance. Price $0.0063 corresponds to support at 50 EMA and $0.01 corresponds to resistance at 200 EMA for the price of RSR.

SOL’s Relative Strength Index (RSI) is above 40 on the daily chart, indicating more sell orders.

Daily resistance for RSR price – $0.01.

Daily support for RSR price – $0.0063.

Featured Image From zipmex, Charts From Tradingview 

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