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RabBitcoin price has risen by more than 18% in the past 24 hours, trading at $0.000004493 as of 7:59 AM EST, as investors rushed to buy this altcoin. With the recent gains, RBTC price has also successfully reversed its weekly performance, now up more than 17% in the past 7 days.
RabBitcoin price drops below two major price points
RBTC/USDT 4-hour chart (Source: TradingView)
RabBitcoin price has fallen below the $0.000005400 and $0.000004863 price points in the past 8 hours, having previously surged to an intraday high of $0.000006598. The cryptocurrency is now at risk of losing technical support at $0.000004137. A break below this level could cause RBTC to drop to $0.000003672 in the short term.
If traders view the current price of this altcoin as a buying opportunity, there is still a chance that the bulls can prevent a bigger drop in the next 12 hours. In this alternative scenario, the RabBitcoin price might retake the support of $0.000004863.
If within the next 12 hours, the 4-hour candlestick chart closes above $0.000004863, RBTC will likely break through $0.000005400 and could rise to $0.000005880.
Technical indicators show that the price of RabBitcoin may fall in the next trading day
From a technical perspective, indicators on RBTC’s 4-hour chart warn that the RabBitcoin price could fall in the next trading session. Buyers appear to have lost a lot of strength in the past few hours, as evidenced by the sharp drop in the Relative Strength Index (RSI) value.
With the RSI breaking down towards its Simple Moving Average (SMA), a bearish crossover between the two lines could soon occur, which could be seen as a sign that sellers have taken control of RabBitcoin’s price.
As the buying power decreases, the bullish momentum of RBTC is also weakening, and the gap between the Moving Average Convergence Divergence (MACD) line and the MACD signal line is narrowing. Currently, the former is still above the latter, but the narrowing gap warns that the RabBitcoin price may soon enter a negative trend.
If the bearish signals shown by the MACD and RSI indicators on the 4-hour chart are validated, the RabBitcoin price may soon fall below the $0.000004137 support.
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