2023-10-20 15:50 |
Rootstock Infrastructure Framework (RIF) coin has seen significant upward momentum in recent days. It has seen more than 35% gain today alone, leaving many with the thought of why it is pumping. For background, RIF offers open-source tools and technologies to build decentralized finance (DeFi) products for payments, lending, and more. It is surging based on a bullish technical pattern spotted by analyst Captain Faibik.
Breaking Falling WedgeAccording to Faibik’s analysis, RIF is breaking out of a falling wedge pattern on the daily timeframe. A falling wedge involves lower highs and lower lows converging into a wedge shape, signaling a reversal is imminent.
As Faibik’s chart shows, RIF broke above wedge resistance around $0.08 and continues pushing higher. Falling wedges breakouts typically lead to strong bullish moves, fueling further upside.
Rallied Past $0.10, More Room SeenRIF has already rallied past $0.10 from the breakout point around $0.08. However, Faibik’s analysis suggests the price could continue surging to as high as $0.17 based on the falling wedge target. This target aligns with excitement in the community as RIF maintains its upside momentum after breaking key resistance.
In summary, Captain Faibik spotlights a bullish falling wedge reversal that could send RIF considerably higher if the technical pattern plays out as expected. With RIF already above $0.10, further upside appears likely given this constructive chart setup.
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The post Why Is RIF Coin Pumping? Analyst Shows Why the Price Could Surge Higher appeared first on CaptainAltcoin.
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