RubyCoin Price Weekly Analysis – Further Gains Seem Likely

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Key Highlights

  • Rubycoin price rocketed higher this past week and even traded towards 0.000477BTC.
  • There is a bullish trend line formed on the hourly chart (price feed from Bittrex), i.e. acting as a support on the downside.
  • The price is also above the 100 hourly simple moving average, which is a positive sign.

Rubycoin price is surging higher and it looks like there is more upside left in the near term as there are many bullish signs.

100 MA as a Support Area

Rubycoin price had a decent upside run this past week as it found buyers that took the price higher and above many hurdles. The price traded as high as 0.000477BTC where it found offers for a downside move. There is a minor correction underway, but the chance of it extending further is very less, as there are many support areas on the way down. There is a bullish trend line formed on the hourly chart (price feed from Bittrex) that may act as a support and buying zone if the price moves or corrects lower from the current levels.

An initial support on the downside is around the 38.2% Fib retracement level of the last leg from the 0.000409BTC low to 0.000477BTC high. There was an increase in volume noted that is a sign that buyers are in and set for taking the price further higher. We need not to forget that the 100 hourly simple moving average is aligned on the downside with the 61.8% Fib retracement level of the last leg from the 0.000409BTC low to 0.000477BTC high. So, it won’t be easy for sellers to take the price lower in the near term.

If we look at the 4-hours chart (price feed from Cryptsy), then it is clear that there was a monster resistance around 0.000350-60BTC. The stated level was broken, which can be seen as a major break. So, if the price moves lower that the stated level might now act as a support area for buyers.

RubyCoin Price  chart

On the upside, the last swing high of 0.000477BTC is a short-term resistance for more gains.

Looking at the indicators:

4-hours MACD – The MACD is on the rise, but it looks like there is a minor correction possibility moving ahead.

Hourly RSI – The RSI is above the 50 level, which a sign that there is no relief for sellers in the short term.

Intraday Support Level – 0.000450BTC

Intraday Resistance Level – 0.000477BTC

 

Charts from Cryptsy and Bittrex; hosted by Cryptrader

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