📉 Urgent RLC/USDT update: Is the correction over, and is it time for a rebound? 🤔🔥
As we predicted and warned in our previous posts, chasing the peak and buying around the $1 level was risky due to the asset being overextended. iExec RLC ($RLC ) underwent a rapid and sharp correction, falling from its recent peak of $1.0780 to trade at around $0.8831 now (down from its peak, though still up more than 61% over the past 24 hours).
🔍 New technical chart analysis:
Break below the short-term average (EMA 7): The price broke below the fast yellow support line (EMA 7 at 0.8944). This break shows the strength of the current profit-taking wave.
RSI cools off: After the Relative Strength Index had surged above 84, it has now fallen sharply and healthily to 52.91. This pullback has eased the asset's overbought conditions and brought its indicators into better balance.
Current support zone: The price is now holding above the very important horizontal support line around $0.8220 (a previous low from which the price rebounded during the last uptrend), while approaching the pink EMA 25 at 0.7610.
$RLC
As we predicted and warned in our previous posts, chasing the peak and buying around the $1 level was risky due to the asset being overextended. iExec RLC ($RLC ) underwent a rapid and sharp correction, falling from its recent peak of $1.0780 to trade at around $0.8831 now (down from its peak, though still up more than 61% over the past 24 hours).
🔍 New technical chart analysis:
Break below the short-term average (EMA 7): The price broke below the fast yellow support line (EMA 7 at 0.8944). This break shows the strength of the current profit-taking wave.
RSI cools off: After the Relative Strength Index had surged above 84, it has now fallen sharply and healthily to 52.91. This pullback has eased the asset's overbought conditions and brought its indicators into better balance.
Current support zone: The price is now holding above the very important horizontal support line around $0.8220 (a previous low from which the price rebounded during the last uptrend), while approaching the pink EMA 25 at 0.7610.
$RLC