- Rubycoin price continued to trade higher and managed to trade near 0.000230BTC.
- The price is under a bullish pressure, which means there is a chance of it moving further higher.
- There is a bullish trend line formed on the hourly chart, which is likely to act as a support in the near term.
Rubycoin price traded higher, and it looks like buyers might overcome selling pressure for one more leg higher.
Can it be broken?
The Rubycoin price recently spiked higher to trade above the last high and create a new high around 0.000230BTC. Buyers continued to stay in control, as sellers struggled to take the price lower. There is a bullish trend line formed on the hourly chart, which is acting as a catalyst for an upside move. If the price moves lower from the current levels or corrects lower, then it might find support near the highlighted trend line.
The 23.6% Fib retracement level of the last move from the 0.000190BTC low to 0.0002298BTC high is also positioned around the highlighted trend line and support area. So, one can say, 0.0002205BTC may act as a major swing area for the Rubycoin price in the short term. A break below it might negate the current bullish view and call for more losses. The next level of interest in that situation could be around the 50% Fib retracement level at 0.000210BTC. Any further losses might be limited considering the fact that there is very less amount of the bearish pressure as of writing.
On the upside, the last swing high of 0.0002298BTC might act as a resistance. A break above it might clear the way for more gains.
Intraday Support Level – 0.0002205BTC
Intraday Resistance Level – 0.000230BTC
Overall, the price may continue to trade higher, as long as it the trend line and support hold.
Charts courtesy of Cryptrader