If you're thinking of going long or short on $RLC from these levels, read this before making any decision.
Before the breakout, Short positions had piled up alongside sharply negative Funding. As Spot liquidity came in, liquidations began cascading, turning short pressure into a Short Squeeze that pushed the price above $1.08.
Now that the Squeeze has ended, Funding has returned to normal levels, and Open Interest has declined, I think the price needs a correction and rebalancing before any fresh attempt to move higher.
📉 Correction levels I'm watching:
Target 1: $0.7433
Target 2: $0.6948
Target 3: $0.6430 — the main demand zone
So chasing $RLC after this breakout isn't a good idea. It's better to wait for a correction and for the price to stabilize in the demand zones.
If the coin holds these levels and genuine demand appears, the next scenario could take $RLC back toward $1.15+.
Before the breakout, Short positions had piled up alongside sharply negative Funding. As Spot liquidity came in, liquidations began cascading, turning short pressure into a Short Squeeze that pushed the price above $1.08.
Now that the Squeeze has ended, Funding has returned to normal levels, and Open Interest has declined, I think the price needs a correction and rebalancing before any fresh attempt to move higher.
📉 Correction levels I'm watching:
Target 1: $0.7433
Target 2: $0.6948
Target 3: $0.6430 — the main demand zone
So chasing $RLC after this breakout isn't a good idea. It's better to wait for a correction and for the price to stabilize in the demand zones.
If the coin holds these levels and genuine demand appears, the next scenario could take $RLC back toward $1.15+.
