Technical Analysis For iExec($RLC)
iExec is the Decentralized Marketplace for all computing assets that connects resource providers with resource users, allowing anyone to monetize or rent computing power, datasets, and applications. $RLC is the native token of the iExec platform. In exchange for $RLC tokens, users can utilize the network to rent servers, data, and applications.
According to Coingecko, the iExec ($RLC) currently stands at rank 284 (fluctuating) with a total market capitalization of around $87,903,904 with a total supply of 86,999,784 and a current circulating supply of 72,382,548.
iExec ($RLC) Market Price All-Time Basic Technical Chart
According to the Technical view we mentioned that the RLC is sustaining at around $1 and as per the history shown by arrow around January 2021 the price went up at the same level from where it is currently pumping up.
This level seems to be looking for strong support hence taking entry at this level can give a good return in short term as well as in long term too. RLC is trading with a high volume on the Binance Exchange with a pair of USDT.
iExec ($RLC) Market Capital All-Time Basic Technical Chart
The total market capitalization is also following the same trend which means many traders and bulk buyers are taking their position at the current level.
Further, again looking at the history we can expect a huge investment may execute soon which can pump its price high.
1-Day Candle Chart with Trend Line & Support
The black line shows the current price trend and we can see it’s slowly moving up. The price has already tested the trend line 2 times shown by the arrow.
The Blue line shows the 1st possible Support level as we can see the price movement go up from this level which we have shown by circles.
Since the current movement looks like the upper trend so entry level can be any as per investment because the trend line has already been tested. However, the safe trader can wait for entry till the price touches the trend line. The possible 1st support levels stand around $1 and the 2nd possible support level stands around $0.80.
1-Day Candle Chart with 50 Days — 100 Days — 200 Days Moving Average
Here, we can see that the RLC price crossed 50 Days’ MA level at the end of June, and then it was moving above 50 Days’ MA. Further, it also crossed 100 Days MA. But seems struggling hard to cross the 200 MA.
There is no huge difference between 50 MA and 200 MA, the price is currently trading near 50 MA and looks just crossed, the current point can be a good level for entry or a safe trader can wait till the current candle closes, if the candle closes above 50 MA then it can be a good entry, if the candle closes below 50 MA then safe transfer can take decision when price touches to the 100 MA.
Once the price crosses the 200 MA level and closes above, then further up movement can be expected and also good for a long hold.
1-Day Candle Chart with Rate Of Change (ROC)
The price of ROC has already crossed the 0 level which means the price is currently trading in a positive zone. Also, the ROC price is close to the 0 levels which could be a good sign for entry.
However, for safe traders, we have also drawn a blue line for the ROC support level, the traders can wait till the ROC price goes down below the 0 levels and touches the ROC support level which is around -20.
CONCLUSION
In this article, overall we see the RLC has good potential as per the technical charts. Here both short and long traders can take their entries, but long holding can be a good decision because we have seen in history that the price went up from the same current levels.
The market capital looks to increase slowly which can push the RLC price upside. According to the Market capital history, the bulk investor can be expected.
This article is just for educational purposes and not for investment suggestions. Please do your own study and research before any investment.
