RSR Technical Analysis: Watch for the Price Rising Amid Bullish Signals
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RSR Technical Analysis: Watch for the Price Rising Amid Bullish Signals

May 10, 2021      Ankita Awasthi

Reserve Rights is a blockchain network that uses a pool of stablecoins for risk diversification and decentralized governance. RSR is the prime governance token of this network. The Reserve app allows daily users to trade and spend in US dollars. It is a fast, secure, and borderless ecosystem. The RSR technical analysis is as follows:

Past Performance

On May 3, 2021, RSR started trading at $0.087. On May 9, 2021, RSR closed at $0.089. Thus, in the past week, the RSR price has risen by roughly 2.3%. In the last 24 hours, RSR has traded between $0.087-$0.091.

https://s3.tradingview.com/snapshots/1/168FzLRZ.png

https://s3.tradingview.com/snapshots/1/168FzLRZ.png

Day-Ahead and Tomorrow

Currently, RSR is trading at $0.088. The price has decreased slightly from the day’s opening price of $0.089. Thus, the market seems to be downtick.

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The MACD and signal lines are negative. Hence, the overall market momentum is bearish. However, a bullish crossover by the MACD line over the signal line has occurred. Thus, the market is in a price correction phase. We have to wait and watch if a trend reversal is on the horizon.

Currently, the RSI indicator is at 48%. It faced rejection at 42% and rose to the current level. This implies that buying pressures are gradually mounting. Hence, like the MACD indicator, the RSI oscillator is also pointing towards a price rise.

The OBV indicator is upward sloping. This means that buying volumes are much higher than selling volumes. There is bullish divergence here. Higher demand for the crypto will exert upward pressure on its price.

In a nutshell, as all the three oscillators have pointed towards an impending price rise, a bearish trend reversal is on the anvil. In other words, the price may start rising soon.

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RSR Technical Analysis

Currently, the price is below the Fibonacci pivot point of $0.089. It may soon fall below the first support level of $0.087. Thereafter, we have to wait and watch if the price starts rising as the oscillators have given bullish signals.

The price has tested and fallen below the 76.4% FIB retracement level of $0.087. However, we can expect the price to retest and break out of this level soon. In that case, a price uptrend has set in, and we can expect the positive momentum to continue tomorrow as well.

#Reserve Rights #RSR
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.