$RLC volume did an 80x today. Today's volume alone is roughly the full past week's average daily volume multiplied by 80, which comes out to about double the current market cap trading hands in a single day.
Looking at the actual move, price ripped from a low of 0.3589 all the way to a high of 0.7761, more than doubling in hours, and is now sitting around 0.7268, still up over 100% on the day. RSI(6) is at 77.4, deep in overbought territory, and price is pushing right against the upper Bollinger band at 0.7874, both signs this move has gone fast and far without much room left to breathe before some kind of cooldown.
There's no clear fundamental trigger behind this, at least nothing I could find checking CMC. When volume spikes this hard with nothing backing it, that's usually speculation and momentum chasing, not a reaction to real news. The 1 year number still shows negative 32.33%, so this pump is happening against a backdrop of long term weakness, not strength.
So it's kinda fragile here. Be careful if you're longing it this high, and if you're already in, this is the kind of move that can give back a big chunk just as fast as it came.
#MARKET
Looking at the actual move, price ripped from a low of 0.3589 all the way to a high of 0.7761, more than doubling in hours, and is now sitting around 0.7268, still up over 100% on the day. RSI(6) is at 77.4, deep in overbought territory, and price is pushing right against the upper Bollinger band at 0.7874, both signs this move has gone fast and far without much room left to breathe before some kind of cooldown.
There's no clear fundamental trigger behind this, at least nothing I could find checking CMC. When volume spikes this hard with nothing backing it, that's usually speculation and momentum chasing, not a reaction to real news. The 1 year number still shows negative 32.33%, so this pump is happening against a backdrop of long term weakness, not strength.
So it's kinda fragile here. Be careful if you're longing it this high, and if you're already in, this is the kind of move that can give back a big chunk just as fast as it came.
#MARKET
