Rollbit Coin is Going to Zero as RLB Plummets 11% in Hours While This New Meme Coin Approaches $50,000 – 100x Potential?

cryptonews.com:

As the GambleFi narrative continues to grip crypto markets, leading crypto gamling platform Rollbit coin (RLB) appears to be attempting a bounce back - but amid a major tumble many are asking is Rollbit going to zero?

With markets excited about the growth prospects for crypto projects taking aim at the $63Bn global online gambling space, top online casino projects have exploded across the summer tailing market leader RLB which surged +197% so far this month.

But despite the unhinged growth that could be unlocked by this emerging sector, RLB has been caught in a troubling retracement move that threatens to collapse recent strong technical structure.

Amid major downside moves that have gripped Rollbit price action for more than 4 days, RLB is low in the trading channel at a current price of $0.15 (a 24-hour change of +4.9%).

Yet, despite the -53% retracement since the local high on August 13 at $0.285, signs of strength are appearing on the hourly chart - as consolidation above the lower trendline appears to be priming price action to push up once again.

Critically, over the past hour Rollbit has smashed back above support from a descendant 20DMA - which could provide the footing to mount a re-test of support off the 200DMA.

The last re-test of the 200DMA level on August 16 saw an impressive +60% bounce off lower trendline support reject in just three hours - despite rising up to hit $0.20.

However, technical structure on this bounce looks stronger, with double-bottomed support off lower trendline support providing a good foothold for a recovery.

And while price action has been sliding, the RSI has been cooling off - with the indicator sat level on the fence with no divergence at 50 - highlighting the make or break nature of this