RubyCoin Price Technical Analysis – Heading Towards Support?

Aayush Jindal

9 years ago

2 mins read

RubyCoin Price Weekly Analysis – Buying Dips Favored

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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.

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

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.

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.

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