Reserve Rights token (RSR/USD) was trading over 9% lower on Tuesday, RSR has rallied by over 60% this week. It is looking like the fall on Tuesday was a retest of the breakout zone, this could be a great opportunity for investors who missed the rally to enter. RSR was looking weak earlier this month after it fell by over 30% however after surging by 60% in just 2 days it has regained its position and is looking strong for the coming weeks. Should you buy at the retest?
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Even after a bullish breakout from a symmetrical triangle earlier this month, RSR lost its investors confidence as it fell by over 30%, however, RSR did not take much time to make a strong comeback to the levels it was previously trading at.
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RSR had a strong resistance zone at $0.049 however it broke through on Monday, RSR has been rejected multiple times in the past from this zone, thus a breakout from this zone could yield some huge returns.
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It is looking like RSR was retesting the trendline on Tuesday, thus any long entries should be avoided until a clear reversal is seen.
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A reversal from the level of $0.49 will show bullish bias and will confirm the breakout.
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A target of $0.61 can be set followed by $0.65.
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Investors must be cautious and set a stop loss below the zone.
