RSR Trading Range $0.064-$0.075 - Technical Analysis
Past Performance
The opening price of RSR was $0.052 on March 1, 2021. As of March 7, 2021, RSR closed at $0.074. Thus, the RSR price has surged by roughly 42% in the past week. In the last 24 hours, RSR traded within the price range of $0.064 - $0.075.
Day-Ahead and Tomorrow
Today morning, RSR began trading at $0.074. As of now, it is trading at $0.072. Thus, the price is downtick. The market momentum looks bearish.
The A/D indicator is upward sloping. Thus, buying pressures or whale accumulations are high. Hence, the price is likely to go up.
Since morning, the MACD and signal lines were negative. However, they have now converged with the zero lines. A trend reversal is on the horizon. A bullish crossover by the MACD line over the signal line implies that the market momentum is gradually turning positive.
For the past one hour, the RSI indicator is continually facing rejection at 50%. Since morning, the RSI indicator was hardly able to cross the 65% mark. Thus, the selling pressures are high. Hence, we can expect a further price dip before the market starts resuming its upward journey.
RSR Price Analysis
Currently, RSR is just above the Fibonacci pivot point of $0.71. As the market momentum is still bearish, we can expect it to fall up to the first support level of $0.067, before a trend reversal occurs.
The price is presently testing the 38.2% FIB retracement level of $0.071. However, by the end of the day, we can expect the price to retest and break out of the 23.6% FIB retracement level of $0.072.
To sum up, the overall price trend is bullish, but we can expect intermittent price pullbacks as a part of the price correction process.