RaiBlocks Price XRB Poised for Further Upsides?

raiblocks price analysis and forecast

RaiBlocks price is slowly moving higher from $12.00 against the US dollar. XRB/USD broke a key resistance at $15.00, but struggling to gain pace above $20.00.

Key Talking Points

  • RaiBlocks price is comfortably placed above the $15.00 support against the US dollar.
  • There was a break above a bearish trend line with resistance at $15.00 on the 1-month chart of the XRB/USD pair.
  • The pair must break the $20.00 and $24.00 resistance levels to gain further momentum.

RaiBlocks Price Forecast

There was yet another test of the $12.00-13.00 support area in RaiBlocks price against the US dollar. The XRB/USD pair was successful in holding the $12.00 support and it started a fresh upside wave above $14.00.

During the upside move, there was a break above the $15.00 resistance and the 23.6% Fib retracement level of the last wave from the $36.22 high to $11.38 low. It opened the doors for more gains and the price traded toward $20.00.

raiblocks price analysis

During the upside move, there was a break above a bearish trend line with resistance at $15.00 on the 1-month chart of the XRB/USD pair. The pair traded close to the $20.00-21.00 resistance where it faced a strong selling interest.

XRB struggled to settle above $20.00 and is currently trading below $19.00. There is a connecting bearish trend line forming with current resistance at $21.00.

Above the mentioned $21.00, there is a crucial horizontal resistance at $24.00. Moreover, the 50% Fib retracement level of the last wave from the $36.22 high to $11.38 low is also a major hurdle for buyers.

On the downside, the price has a significant support at $15.00. The stated $15.00 level was a resistance earlier and now it could prevent declines. Below $15.00, the most important support sits $12.00.

As long as the price is above $12.00, it remains in an uptrend. RaiBlocks price has to clear $21.00 and $24.00 resistances to extend the current upside wave in the near term.

Trade safe traders and do not overtrade!