Rise is still in downtrend, has 2 strong FIB supports below it
RISE isnt a coin I got in unfortunately at the 4k mark when I heard about it but one i definitely will add as medium-long term hold when the price is right. Its currently in a downtrend since hitting a top around 16k in its current trend and is down to almost half that. It doesnt show any short term bullish signs of breaking that downtrend but does have strong support lines at around 7800 and 5700 at around the FIBS. I think it might hit the first 7800 FIB but dont think itll break, if it does then low 6000s are definitely possible.
This is the 4th elliot wave so it is a expected downturn but I would definitely wait for a break in the downtrend line before I buy and/or put some buy orders around the fib lines. OBV is showing steady volume so that means people are buying it, indicating the first sign of a bullish reversal would be that it starts trading sideways and the bleeding stops.
Short term - bearish
Long term - very bullish hold
This is the 4th elliot wave so it is a expected downturn but I would definitely wait for a break in the downtrend line before I buy and/or put some buy orders around the fib lines. OBV is showing steady volume so that means people are buying it, indicating the first sign of a bullish reversal would be that it starts trading sideways and the bleeding stops.
Short term - bearish
Long term - very bullish hold
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.