$RLC Up 10% in an hour—why can’t we confirm a reversal yet?
As of 11:38 Beijing time on October 9, Binance spot RLC/USDT was trading at 0.9160, up 33.12% over 24 hours. The full hour from 10:00 to 11:00 saw a 10.31% gain, with trading volume 2.53 times the median for the previous 24 hours. The intraday high was 0.9500.
This marks a new phase following the earlier “sharp drop on heavy volume”: buying pressure has indeed strengthened, but that hour closed at 0.9362, still below the 0.9584 level where the sharp drop began. The current hour has since pulled back by about 2.15%. So this looks more like a rally awaiting confirmation than a reversal that has already taken hold.
Watch the 0.9500–0.9584 range: a sustained move above it on higher volume would increase confidence in a reversal; another drop below around 0.85 would indicate that this rally has failed. No new official announcement from the same day could be verified, so the volatility is not being attributed to old news.
Sources: Binance spot 1-hour candlesticks, iExec and Binance announcement pages.#RLC #Market Alert
As of 11:38 Beijing time on October 9, Binance spot RLC/USDT was trading at 0.9160, up 33.12% over 24 hours. The full hour from 10:00 to 11:00 saw a 10.31% gain, with trading volume 2.53 times the median for the previous 24 hours. The intraday high was 0.9500.
This marks a new phase following the earlier “sharp drop on heavy volume”: buying pressure has indeed strengthened, but that hour closed at 0.9362, still below the 0.9584 level where the sharp drop began. The current hour has since pulled back by about 2.15%. So this looks more like a rally awaiting confirmation than a reversal that has already taken hold.
Watch the 0.9500–0.9584 range: a sustained move above it on higher volume would increase confidence in a reversal; another drop below around 0.85 would indicate that this rally has failed. No new official announcement from the same day could be verified, so the volatility is not being attributed to old news.
Sources: Binance spot 1-hour candlesticks, iExec and Binance announcement pages.#RLC #Market Alert