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RubyCoin Price Technical Analysis – Heading Towards Support?

Aayush Jindal
Aayush Jindal
Last Updated: April 6, 2018 7:04 am
2 mins read
RubyCoin Price Weekly Analysis – Buying Dips Favored

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Created by industry experts and meticulously reviewed
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Rubycoin Price Key Highlights

  • Rubycoin price after a decent bullish run looks like started a short-term correction lower.
  • There is a bullish trend line formed on the hourly chart, which is likely to act as a support area if the price moves lower from the current levels.
  • A major support area around 0.000205BTC is formed where there is a chance of buyers appearing.

Rubycoin price is correcting lower after a solid bullish run, and might be heading towards a major support area.

Buying Dips?

The Rubycoin price as highlighted recently managed to trade higher after breaking a major bearish trend line on the hourly chart. The price found sellers around the 76.4% Fib retracement level of the last leg from 0.000365BTC to 0.000100BTC, and started correcting lower. The price is currently trading near the 38.2% Fib retracement level of the last leg from 0.000100BTC to 0.000309BTC. The worst thing to note from the chart is the fact that the price is now below the 100 hourly simple moving average. So, there is a possibility that the price might head further lower from the current levels.

RubyCoin

There is a support trend line formed on the hourly chart, which is coinciding with the 50% Fib retracement level. It means the 0.000205BTC area is a major hurdle for sellers. They might struggle to break the stated level in the near term. Only a break and close below the trend line and support area could negate the buying dips theory and call for more losses.

If the price starts to move higher one more time from the current or lower levels, then the first resistance for buyers may be around 0.000280BTC followed by 0.000309BTC.

Intraday Support Level – 0.000205BTC

Intraday Resistance Level – 0.000280BTC

The RSI is just around the 50 level, so let’s see if the can move above it or not.

 

Charts courtesy of Cryptrader

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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