$RLC is at 1.043, and that is below the 1.085 level I said had to hold in my last RLC follow-up. So I will say it plainly: the setup I described is not intact right now.
The numbers are still strong on paper. It is up 21.7% in 24 hours and 183% over seven days, and volume is 2.36 times its weekly average at about 48.7 million dollars. But price is almost 30% under the 1.488 weekly high, and RSI is 55. That is not overheated anymore, and it is not oversold either. It is a coin cooling off after a huge week while a lot of money still trades it.
BTC is only up 1.09% and Fear & Greed dropped from 64 to 59, so the market is not giving small coins much help tonight.
I would need a close back above 1.085 with volume staying above average to take the bullish view again. Until then I treat this as a range under that line, and I would rather wait for the reclaim than guess the bottom.
#iExec #RLC
The numbers are still strong on paper. It is up 21.7% in 24 hours and 183% over seven days, and volume is 2.36 times its weekly average at about 48.7 million dollars. But price is almost 30% under the 1.488 weekly high, and RSI is 55. That is not overheated anymore, and it is not oversold either. It is a coin cooling off after a huge week while a lot of money still trades it.
BTC is only up 1.09% and Fear & Greed dropped from 64 to 59, so the market is not giving small coins much help tonight.
I would need a close back above 1.085 with volume staying above average to take the bullish view again. Until then I treat this as a range under that line, and I would rather wait for the reclaim than guess the bottom.
#iExec #RLC