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Reserve Rights token after it's retest?


 

Reserve Rights Token (RSR / USD) traded over 9% lower on Tuesday. RSR is up over 60% overall this week. It looks like Tuesday's decline was a re-test of the breakout zone. This could be a great opportunity for investors who missed the rally to get in. RSR looked weak earlier in the month after falling over 30%. However, after a price increase of 60% in just two days, the token has resumed its position and looks good for the coming weeks. Should you buy RSR at the retest?

  • Even after the bullish breakout of a symmetrical triangle earlier this month, RSR lost investor confidence as it fell over 30%. It didn't take RSR much time, however, to make a strong comeback to the levels it was previously trading at.

  • RSR had a strong resistance zone at $ 0.049 but it was breached on Monday. RSR has been rejected by this zone several times in the past. Hence, breaking out of this zone could bring huge returns.

  • It looks like the RSR retested the trendline on Tuesday, so all long entries should be avoided until a clear reversal is seen.

  • A reversal from the $ 0.49 level shows a bullish bias and confirms the breakout.

  • A target of $ 0.61 can be set, followed by $ 0.65.

  • Investors need to be careful and place a stop loss below the resistance zone.

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