RubyCoin Price Weekly Analysis – 0.00040BTC Represents Critical Resistance

Key Highlights

  • Rubycoin price surged higher recently, but it is facing a monster resistance around 0.00040BTC.
  • The mentioned resistance area acted as a major barrier earlier and may continue to stall gains in the short term.
  • A break above it might open the doors for a sharp upside move towards 00050BTC.

Rubycoin price is testing a crucial resistance area, and if buyers succeed in breaking it, then it may be a crucial break.

Can Sellers Defend 0.00040BTC?

Rubycoin price enjoyed a decent upside run, as it found support near 0.000340BTC and traded higher. There is a significant resistance formed near 0.000380BTC-0.00040BTC that may act as a barrier for buyers and prevent any additional gains. The stated level acted as a pivot zone earlier and stalled gains on more than two occasions, as shown in the 4-hours chart below (price feed from Cryptsy).

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RubyCoin Price Weekly Analysis

The most important point is that after a failure the price dived sharply. So, we can say that the price is trading near a critical swing area. If sellers fail to defend it and buyers managed to break 0.00040BTC, then a solid rise towards 0.00050 will be on the cards                .

If we look at the hourly chart (price feed from Bittrex), then there is a support trend line formed that may act as a buying area if the price corrects lower from the current level. Moreover, the previous resistance 0.000360BTC may now act as a support and prevent the downside.

RubyCoin Price Weekly Analysis

Overall, on the upside 0.00040BTC and on the downside 0.000360BTC holds the key.

Looking at the indicators:

4-hours MACD – The MACD is titled in favor of buyers, suggesting more gains in the near term.

Hourly RSI – The RSI is above the 50 level, which another bullish sign and may encourage buyers.

Intraday Support Level – 0.000360BTC

Intraday Resistance Level – 0.00040BTC

Charts from Cryptsy and Bittrex; hosted by Cryptrader

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