Crypto Insiders members receive daily new technical analyzes for cryptocurrencies in our Discord environment. In this article, we share a recent analysis of Reserve Rights (RSR) from our Premium group. If you are not yet a member or if you still have questions after reading this article, try a Premium membership for 30 days completely free.
What is Reserve Rights?
Reserve Rights is a dual-token platform for stablecoins on Ethereum (ETH) and uses the reserve token (RSR) and the reserve stablecoin (RSV). Stablecoins on this platform, called RTokens, are backed by a basket of ERC-20 tokens via smart contracts.
The value of the stablecoins is therefore linked to the value of this basket that can be insured with the RSR token. The RSR token ensures that the stablecoin maintains the value of $1. The RSR token can also be used by users to cast votes in a decentralized autonomous organization (DAO).
Technical analysis RSR rate
RSR has been in the same sideways range since the Terra (LUNA) crash and dipped back to the same after the recent FTX crash lows. In the past few days, the RSR price started to rise cautiously and that is in line with what Crypto Insiders analysts indicated in the analysis below for a few days.
As can be seen on the chart, analysts expect this increase to continue for a while. However, it seems that after this short rise, the price may fall even deeper than before to a new low. The analysts describe this decline as follows:
“RSR is making a 12345 Elliott Wave pattern down on the daily chart and seems very bearish for now. Although we have not yet broken the bottom set in May this year, we do expect this to happen.
We will see one last corrective wave up before making the fifth and final wave of this pattern down. The zone where the price can end up is still quite wide for now, as several Elliott Wave counts converge here, but can be drawn between 100% and 123.6% Fibonacci. This equates to a rate between $0.000526 and $0.002495.”
As soon as the analysts can estimate this zone more accurately, they will share it with the members of Crypto Insiders in the Premium environment as soon as possible.
Analyzes of more crypto that may also fall
This morning we also shared a recent analysis of the price of bitcoin (BTC). It can be read that the analysts of Crypto Insiders also expect an increase for BTC first. However, they warn that the price could encounter a lot of resistance after that and then fall to new lows.
Yesterday we also shared a recent analysis of the aave (AAVE) price. The analysts saw that this cryptocurrency also has the potential to rise in the short term. Still, they warn that AAVE can also make new lows afterwards.
Buy or sell Reserved Rights?
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Disclaimer: Investing involves risks. Our analysts are not financial advisors. Always consult an advisor when making financial decisions. The information and tips provided on this website are based on our analysts’ own insights and experiences. Therefore, these are for educational purposes only.