Leading GameFi project Rollbit (RLB) has enjoyed breakout success in recent months, surging +2,600% so far since launch, but with hard-fought retracement underway disparate bag-holders are asking is Rollbit coin going to zero?
This comes amid strong fundamentals for the gambling ecosystem, which made headlines this morning following the announcement of a new betting partnership with recent Scudetto winners SSC Napoli.
The major partnership is revealing, with the Serie A deal standing in testament to Rollbit’s massive revenue over the past month.
RLB Price Analysis: Is Rollbit Coin Going to Zero?
In the aftermath of the big announcement, Rollbit coin is currently trading at a market price of $0.16 (representing a 24-hour change of +2.5%).
Price action remains low in the trading channel, in a hard-fought retest of resistance from the 20DMA which has suppressed upside moves since August 30.
Buy pressure appears strong here, with hourly candles pressing up toward the $0.17 price level.
This comes amid a -25% downside move since August 29, which has seen RLB retrace from a local high at $0.22 in a tumble below the descendant 20DMA.
Yet, a bounce here could be pivotal – forming the second-leg of double-bottomed support above the $0.145 price level – potentially poising RLB for a major rally.
This sentiment is reflected in Rollbit’s indicators, which currently reflect this strengthening technical form.
Rollbit’s RSI is sat cooled-off at 46.2, an oversold signal that could indicate an upside move is likely.
While the MACD has flipped to show minor bullish divergence at 0.0001 as upside momentum grows.
Overall, the 20DMA forms the key level to watch – if buy pressure pushes RLB above this level – then Rollbit is likely to resume rally structure.
This would leave RLB with an upside target at $0.21 (a potential +28.4%).
Whereas downside risk would remain at lower support at $0.145 (a possible -11.3%).
This leaves Rollbit with a Risk: Reward ratio of 2.51 – an attractive entry with more than double reward structure.
Yet, while Rollbit is fighting resistance, smart money have already rotated capital into a new Bitcoin off-shoot project aiming to trigger supercharged returns as On-Chain Summer shows no signs of slowing down.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.