One week after leading GambleFi project Rollbit (RLB) launched its European expansion campaign with SSC Napoli, price action has taken a tumultuous turn for the worst as RLB tumbles -10% overnight, leaving some asking 'is Rollbit coin going to zero'?
The major sporting partnership with the Serie A team fuelled huge optimism in the crypto community, with bag-holders arguing the partnership was testament to Rollbit's massive revenue over the past month.
Despite the downside price action, Rollbit appears to be showing no signs of distress, with volumes surging to all-time highs across all three project revenue streams (casino revenue, crypto futures revenue, and sports revenue).
Better yet? A deflationary burn-mechanism is in full force - with 0.1% of RLB supply being burned in just the last 24-hours - suggesting that much of the recent downside relates to paper-handed investors.
Amid the sudden downside move, Rollbit is currently trading low in the trading channel at a market price of $0.12 (representing a 24-hour change of 0.00% as price action remains incredible tight-fought).
The -19% bleed-out over the past 48-hours was triggered on September 17, when RLB was rejected from stiff resistance around the gently descendant 20DMA.
This came after a strong display by RLB, which bounced off lower trendline support +40% from September 12 to re-test the 20DMA.
With price now sat back above lower trendline support, a second bounce from here would bode well for technical structure - creating a zone of double-bottomed support.
The downside move is significant in cooling-down RLB's RSI indicator, which has dropped down from an overbought signal at 53 to an oversold signal at 44.
With price structure now considered over-sold a bounce fromRead more on cryptonews.com