At 20:01 Beijing time, $RLC rose to No. 1 on Binance’s USDT-margined perpetual futures leaderboard, but I’m inclined to wait and see in the short term; I wouldn’t treat the top spot as a reason to chase the rally. Its rolling 24-hour gain was +119.284%, the scanned price was 1.0223, and quoted trading volume was about $1.173 billion. Compared with the 0.9292 observed in the 15:07 update, the price is about 10% higher; trading volume has increased from roughly $832 million to $1.173 billion. The rolling gain, however, fell from +143.821% to +119.284%. This is mainly because earlier gains have rolled out of the 24-hour window, so the percentage decline should not be read as a direct sign that the price has reversed.
The more useful update comes from the completed hourly candle. The 19:00–20:00 candle opened at 0.9226, hit a low of 0.9213 and a high of 1.0780, and closed at 1.0209—about 10.65% above the previous hour’s close. Quoted trading volume for that hour was about $108.1 million, 2.34 times the roughly $46.11 million recorded from 18:00 to 19:00. The close was about 5.3% below the high, indicating intense buying and selling: the rise on increased volume was confirmed at the close, but the pullback from the high also points to selling pressure. Trading volume alone does not equal net buying.
Looking one timeframe longer, the completed 16:00–20:00 four-hour candle rose from an open of 0.9243 to a close of 1.0209, with a low of 0.8456 and a high of 1.0780. Trading volume was about $244 million, below the $285 million of the previous four-hour candle. In other words, the acceleration was concentrated in the final hour; it wasn’t strengthening in every hour. Open interest rose from about 28.66 million coins at 15:00 to about 30.78 million at 19:00, an increase of roughly 7.4%. This indicates greater participation, but does not tell us whether new longs or shorts were added. The funding rate at the 19:00 settlement was still negative, at about -0.02137% per hour, but that alone is not enough to conclude that a short squeeze is underway.
I found no contemporaneous official iExec announcement corresponding to this rally, so I would not treat an old roadmap as a catalyst. Next, I’ll be watching to see whether a completed hourly candle can hold above the area around 1.0780, or whether a pullback breaks below 0.9213. The lower four-hour low of 0.8456 provides range context, not a price target. If the next candle leaves only an upper wick and the volume behind the move fades, this acceleration will need to be reassessed. This is an observation of market structure, not a signal to chase the rally. #iExec
The more useful update comes from the completed hourly candle. The 19:00–20:00 candle opened at 0.9226, hit a low of 0.9213 and a high of 1.0780, and closed at 1.0209—about 10.65% above the previous hour’s close. Quoted trading volume for that hour was about $108.1 million, 2.34 times the roughly $46.11 million recorded from 18:00 to 19:00. The close was about 5.3% below the high, indicating intense buying and selling: the rise on increased volume was confirmed at the close, but the pullback from the high also points to selling pressure. Trading volume alone does not equal net buying.
Looking one timeframe longer, the completed 16:00–20:00 four-hour candle rose from an open of 0.9243 to a close of 1.0209, with a low of 0.8456 and a high of 1.0780. Trading volume was about $244 million, below the $285 million of the previous four-hour candle. In other words, the acceleration was concentrated in the final hour; it wasn’t strengthening in every hour. Open interest rose from about 28.66 million coins at 15:00 to about 30.78 million at 19:00, an increase of roughly 7.4%. This indicates greater participation, but does not tell us whether new longs or shorts were added. The funding rate at the 19:00 settlement was still negative, at about -0.02137% per hour, but that alone is not enough to conclude that a short squeeze is underway.
I found no contemporaneous official iExec announcement corresponding to this rally, so I would not treat an old roadmap as a catalyst. Next, I’ll be watching to see whether a completed hourly candle can hold above the area around 1.0780, or whether a pullback breaks below 0.9213. The lower four-hour low of 0.8456 provides range context, not a price target. If the next candle leaves only an upper wick and the volume behind the move fades, this acceleration will need to be reassessed. This is an observation of market structure, not a signal to chase the rally. #iExec
