Reserve Rights has increasingly shown signs of recovery for the past few weeks. Today, the Reserve Rights price is up by 4 per cent. The cryptocurrency opened the markets trading at $0.00862, reaching price highs of $0.0099 during the morning hours of the trading session. This represented a price increase of more than 15 per cent.
However, as the session progressed, the prices started to come down, with the Reserve Rights price dropping by 9 per cent during the intraday sell-off. The Reserve Rights price is currently trading at $0.00901, which is a 4 per cent surge since the markets opened.
In my June 15 RSR price analysis, we observed that the crypto was down by 12 per cent for the month of June. Despite giving bullish signals, the crypto was still in a bear market. However, yesterday’s trading session, which resulted in prices rising by 33 per cent, changed the general trend of the cryptocurrency. The aggressive push to the upside also saw the Reserve Rights price become bullish for the month of June after being bearish for weeks.
Despite most cryptocurrencies losing in the markets for the month of June, RSR is up by 33 per cent in June. Moreover, today’s trading session is already up by 4 per cent, continuing the long-term bullish trend.
Therefore, based on the latest price action, I expect RSR to continue trading upwards. There is a high likelihood that we will see the prices hit the $0.01 psychological level. I also expect to see prices trading above the psychological level in the next few trading sessions.
However, my bullish trend analysis will be invalidated if the prices trade below the $0.00804 support level. At that point, the trend will have become bearish. It will also mean a possible drop to the $0.005 price level.
This post was last modified on Jun 21, 2022, 15:58 BST 15:58