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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans

RubyCoin Price Weekly Analysis – Monstrous Decline

Aayush Jindal
Aayush Jindal
7 years ago
2 mins read
RubyCoin Price Technical Analysis. Barrier. Illustration. Newsbtc altcoin news

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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Key Highlights

  • Rubycoin’s price dived down sharply after failing to break a major resistance area near 0.000511 BTC.
  • After breaking a critical support trend line on the 4-hour chart (price feed from Bitfinex), there was a monstrous decline.
  • After recovering a few points higher, the price declined and moved below the 0.00030 BTC support area.

Rubycoin’s price moved further down. There was an attempt by buyers to take the price higher, but it failed to sustain momentum.

0.0002 BTC as a Support Area

Rubycoin’s price slide continued, and there was another leg down taking the price below a major support area of 0.0003 BTC. As highlighted in the previous week’s analysis, there was a bullish trend line on the 4-hour chart which was breached to ignite a downside move. The downside reaction was very sharp, and the price weakened by more than 40%.

RubyCoin Price Weekly Analysis

There was an attempt to recover during this past week, but the price failed to break the 0.00035-BTC resistance area. The mentioned level coincided with the 50% Fibonacci retracement level of the last drop from the 0.00049 BTC high to 0.000205 BTC low. So, we can say that the price completed a short-term correction and may move below the recent low.

The price is well below the 100-hour simple moving average (4H), which means the sellers are in control and there is a chance of more losses in the near term. The most important support is near the recent low of 0.000205 BTC, which must hold if buyers have to push the price back higher. A break below it could take the price further lower.

Looking at the Indicators

4H MACD – The 4H moving average convergence divergence is in the negative zone, and suggesting more losses in the near term.

4H RSI – The relative strength index is around the oversold readings, which means there is a possibility of a minor recovery.

Intraday support level – 0.000205 BTC

Intraday resistance level – 0.00035 BTC

 

Charts from Bitfinex; hosted by BitcoinWisom

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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