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ROAD Technical Analysis: Price Upswing By 141.49%

Analytics

cryptoknowmics.com 02 June 2022 09:30, UTC
  
Reading time: ~2 m

Key Technical Points

  • ROAD is currently trading at $0.001079
  • The RSI is currently at 80.17%
  • Price upsurge by 141.49%

ROAD Past performance

Road technical analysis reveals that it is currently trading at $0.001079. Initially, at the start of the month, it was trading at $0.000043. This means that price has increased by $0.000136 or 141.49%. Looking at ROAD’s monthly chart, we can observe that the price action has formed a bullish ascending triangle pattern.

 Source: Trading view

ROAD Technical Analysis

The uptrend acceleration can be seen by the sharp increase in volume. This is a good sign as it indicates that there is buying interest in the market. The Relative Strength Index (RSI) is currently at 80.17, which is in the overbought territory. However, this does not necessarily mean that the price will correct lower soon as the RSI can remain in the overbought territory for an extended period of time. The Moving Average Convergence Divergence (MACD) indicator is currently in a bullish crossover as the MACD line (blue) has crossed above the signal line (red). as the MACD bars are green. This indicates that the price is likely to continue to move higher. The Bollinger Bands are squeezed together, which indicates that the price is trading in a tight range. A breakout from this range could see the price move higher or lower. 18 out of the 26 technical analysis reveals a buy signal while 1 reveals a selling signal and 7 holds. The oscillators show 4 buys,6 holds and 1 sells. From the above ROAD technical analysis, it seems like the price is likely to continue to move higher as there is buying interest in the market and the indicators are all pointing to further upside.

ROAD Upcoming Trend

To conclude, the road technical analysis shows that the price is likely to continue to move higher in the short term as the indicators are currently in bullish territory. However, it is important to note that the RSI is currently in overbought territory, which could mean that the price may correct lower in the near future.  


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