RaiBlocks price declined recently towards $10.00 against the US dollar. XRB/USD recovered nicely and is currently consolidating above $15.00.
Key Talking Points
RaiBlocks price declined sharply towards $10.00 before recovering against the US dollar.
There is a range pattern forming with resistance near $20.00 and support at $16.00 on the 7-days chart of the XRB/USD pair.
The pair must break the $20.00 resistance to move back in the bullish zone.
RaiBlocks Price Forecast
This past week, we saw continuous selling pressure on RaiBlocks price as it declined below the $20.00 support level against the US dollar. The XRB/USD pair was under a lot of pressure as it even broke the $15.00 support and traded close to the $10.00 level.
Later, buyers succeeded in preventing further declines below $10.00 and the price started an upside correction. It recovered very well and settled above $15.00. However, the price was seen struggling to break the $20.00 handle.
At the moment, there is a range pattern forming with resistance near $20.00 and support at $16.00 on the 7-days chart of the XRB/USD pair. The pair recently broke a short-term connecting bullish trend line at $18.00.
However, the $16.00 support is holding losses and acting as a decent buy zone. It seems like the price may continue to trade in the $16.00-20.00 range for some time.
The next move depends on the break of either $16.00 or $20.00. A break below the $16.00 range support could push the price once again towards the $10.00 level. An intermediate support on the downside is around the $13.00 level.
On the other hand, a break of the $20.00 resistance will most likely clear the way for more gains toward the $25.00 level. Above the mentioned $25.00, the price possibly will accelerate toward the $30.00 handle.
The current price action is stable, but RaiBlocks price has to stay above the $16.00 support area to avoid further increase in bearish pressures. Technically, indicators for XRB/USD are slowly moving in the bearish zone.