RSR token Price Analysis: The RSR Token Surged 52% In Three Trading Days; Is There Still An Entry Opportunity?

In November, the RSR token price experienced a significant correction which almost eradicated all those gains of the previous month. However, in these last three days, the price is up by 52%, and a positive news that could have triggered this rally was a tweet that the Reserve protocol team suggested the launching of mainnet would be around December or January.

Key technical points:

• The RSR chart shows the 50-and-200-day EMA can soon provide a golden crossover.
• The intraday trading volume in the RSR token is $593.1 Million, indicating a 237% hike.

Source- RSR/USD chart by Tradingview

As mentioned in my previous article on RSR/USD, the token price resonated in a rising parallel channel pattern, which eventually gave a break down from the support trendline, proving an excellent short opportunity for crypto traders.

This token price dropped to the $0.0325 support, where it tried to obtain sufficient support from this level. After spending a good one week trying to hold above this support, the token provided a proper bullish reversal, which gained more than 50% in just three trading days. 

Moreover, the token chart shows 50 and 200 EMA lines are on the verge of giving a bullish crossover, encouraging the ongoing rally. The Relative Strength Index(67) indicates similar growth compared to the token’s price action.

RSR/USD 4-hour Time Frame Chart

Source- RSR/USD chart by Tradingview

With this new rally, the RSR token gave a decisive breakout from the previous swing high of $0.048, supported by a massive spike in volume activity. The price is currently retracing back to retest this new support level, and once it obtains sufficient demand pressure at this level, the crypto traders can grab a good long opportunity.