$RLC now trades 25.9% under its weekly high of 1.077. Read only that, and it looks like a crash. It is still up 21.3% on the day and 134.7% on the week.
Both are true, and the middle ground is where it gets interesting. Price is 0.7982. Volume is about 59.2M USDT, 12 times the 7-day average, so this is not a quiet fade. Plenty of coins are changing hands at these levels.
The part I like is the hourly RSI at 53.4. A coin that more than doubled in a week usually sits in the 80s. RLC has cooled off to neutral without giving up the weekly move, and that is healthier than another vertical leg.
The part I do not like is the 1.077 top. Anyone who bought near it is down about a quarter, and those buyers tend to sell into any bounce.
For now I treat RLC as a range between roughly 0.70 and 1.077. I want to see volume stay high while price holds above 0.70. A daily move back toward 1.077 on rising volume would make me lean bullish again. A slide under 0.70 with heavy selling would tell me the week's buyers are leaving, and I would stop watching it. BTC is down 0.24%, so whatever happens here is RLC's own story.
#iExec #RLC
Both are true, and the middle ground is where it gets interesting. Price is 0.7982. Volume is about 59.2M USDT, 12 times the 7-day average, so this is not a quiet fade. Plenty of coins are changing hands at these levels.
The part I like is the hourly RSI at 53.4. A coin that more than doubled in a week usually sits in the 80s. RLC has cooled off to neutral without giving up the weekly move, and that is healthier than another vertical leg.
The part I do not like is the 1.077 top. Anyone who bought near it is down about a quarter, and those buyers tend to sell into any bounce.
For now I treat RLC as a range between roughly 0.70 and 1.077. I want to see volume stay high while price holds above 0.70. A daily move back toward 1.077 on rising volume would make me lean bullish again. A slide under 0.70 with heavy selling would tell me the week's buyers are leaving, and I would stop watching it. BTC is down 0.24%, so whatever happens here is RLC's own story.
#iExec #RLC
