Reserve Rights is a blockchain-based open-source protocol aimed at risk diversification and decentralized governance. It is useful for trading and spending in digital US dollars. RSR is the prime token of this network and is a stablecoin that can be used for payments across borders. The following RSR technical analysis predicts the price for the next two days:
On April 17, 2021, RSR started trading at $0.111. As of April 23, 2021, RSR closed at $0.077. Thus, in the past week, the RSR price has declined by roughly 31%. In the last 24 hours, RSR has traded between $0.07-$0.077.
Day-Ahead and Tomorrow
Currently, RSR is trading at $0.075. The price has decreased from the day’s opening price of $0.077. Thus, the market seems to be downtick.
The MACD and signal lines are positive. Thus, the overall market momentum is positive. However, a bearish crossover by the MACD line over the signal line has occurred. Thus, we can expect an intermittent price pullback amidst a rising price trend.
Currently, the RSI indicator is at 61%. It faced rejection at 65% and fell to this level. This implies that buying pressures are high, but selling pressures are slowly mounting. Hence, the price may rise for some time but start falling once selling activity overtakes the market.
The A/D indicator is upward sloping. There is bullish divergence here. In other words, the bulls are gaining strength and the price is likely to start increasing.
In a nutshell, when we look at all the three oscillators together, the price is poised to start rising but a trend reversal or intermittent price pullbacks cannot be ruled out.
RSR Technical Analysis
As per technical analysis, presently, the RSR price is trading above the Fibonacci pivot point of $0.075. The price may breakout of the first resistance level of $0.077 soon.
The price has tested and broken out of the 38.2% FIB retracement level of $0.074. It is soon likely to break out of the 23.6% FIB retracement level of $0.075. Thus, the market looks positive as of now and the price uptrend is likely to continue today as well as tomorrow.