Date: Tue, February 4, 2025 | 04:18 PM GMT
The cryptocurrency market is bouncing back strongly after a sharp sell-off over the past two days. This recovery comes on the heels of news that tariffs on Canada and Mexico have been delayed following discussions with President Trump.
Bitcoin (BTC) has reclaimed the $99K mark after dipping to $91K, while Ethereum (ETH) has surged back to nearly $2,800 from its low of $2,100.
Among altcoins, Reserve Rights (RSR) is also showing signs of a potential reversal, gaining momentum after a 45% correction in the last 30 days.
Retesting Its Cup and Handle Breakout
According to crypto analyst @JohncyCrypto, RSR has formed a cup and handle pattern on the weekly chart and is now retesting the neckline around at $0.0091 level.
The price recently printed a pin bar at this key level, signaling a possible bounce. Additionally, the 50-week moving average (MA) is providing strong support, reinforcing the bullish outlook.
If this pattern plays out successfully, RSR could see a significant rally, with potential price targets at $0.0165, $0.0270, and $0.0580 in the coming weeks.
Is a Reversal Ahead?
While RSR is showing resilience, the next few trading sessions will be crucial in determining whether it can maintain its upward momentum. A successful breakout above the neckline could confirm the pattern and push RSR into a strong uptrend. However, broader market conditions and geopolitical developments, such as today’s press conference by David Sacks, Trump’s Crypto Czar, could play a role in shaping markets price action.
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