RaiBlocks price surged higher recently and traded above $30 against the US Dollar. XRB/USD might remain in the bullish trend for more gains.
Key Talking Points
RaiBlocks price rocketed higher recently from the $3.40 swing low against the US Dollar.
There was a break above a major ascending channel with resistance at $20.00 on the 1-month chart of the XRB/USD pair.
The pair is now placed nicely above the $24.00 and $30.00 support levels.
RaiBlocks Price Forecast
The past 30-40 days were excellent for RaiBlocks as its price started a monster uptrend from the $3.40 swing low against the US Dollar. The XRB/USD pair formed a major bottom at $3.40 and later it started surging higher.
The pair was able to move above many important resistance levels such as $5, $10 and $20. Recently, RaiBlocks buyers were able to push the price above the $30 level. It means the price climbed by more than 900% from the $3.40 swing low.
During the upside move, there was a break above a major ascending channel with resistance at $20.00 on the 1-month chart of the XRB/USD pair.
The pair traded as high as $37.62 recently and is currently correcting lower. An initial support on the downside is around the 50% Fib retracement level of the last wave from the $24.00 low to $37.62 high.
However, if the price extends it correction, there is a chance of it testing the 76.4% Fib retracement level of the last wave from the $24.00 low to $37.62 high at $27.20.
Below the $27.20 support, the price will most likely test the $24.00 swing low. On the upside, the price has a minor resistance around the $35.00 level. Above $35.00, the last swing high at $37.62 could be tested.
The all-important next milestone level for RaiBlocks could be $40.00 followed by the $50.00 handle. Overall, the price remains in a monster bullish trend as long as above $24.00.