The ABBC Coin price rally shows no sign of slowing down, with the token gaining 58% in Asia, capping a stellar month for the digital asset.
After spending much of April, trending lower from $0.1800 to $01.3000, ABBC coin had flown under the radar of most cryptocurrency investors. This recent move is likely to change that.
Recent news flow has been price-positive for the e-commerce focused token.
A company announcement on the 22nd of April detailed an upcoming promotion in which holders of a coin could win the chance to exchange the token for $100 worth of goods from an ABBC partnered store.
This proved the catalyst for the ABBC price to break higher from its early April lows, igniting the recent parabolic move higher.
Investors had more reasons to cheer three days later. On the 25th of April, a tweet from ABBC CEO Jason Daniel Paul Phillip revealed the company has entered into listing discussions with several prominent exchanges.
A new listing on a large exchange would expand the potential investor base and likely add to the bullish sentiment for the ABBC coin price.
ABBC Coin Price outlook
In the last nine trading days, the Relative Strength Index (RSI) on the 4-hour chart has swung from an oversold reading of 30.0 to the current, extremely overbought conditions of 75.50.
Typically, RSI readings greater than 70 suggest the market has over-extended and may be prone to a sharp correction. This has proved true on several occasions in the last six weeks, with the ABBC coin price retreating in the previous four RSI readings above 69.0.
With the good news already starting to be priced in, ABBC coin may find itself without a catalyst to attract new buyers. A slowdown in buying activity could see the price drop back to the $0.3500 to $0.4000 range.
Should the price dip to $0.4000 and consolidate, it may provide a buying opportunity. However, a break below the $0.3500 support at the 22nd of April high would likely suggest more downside.