Technical Analysis For iExec(RLC), August’22
The iExec is the Decentralized Marketplace for 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 256 (fluctuating) with a total market capitalization of around $115,450,540 with a total supply of 86,999,784 and a current circulating supply of 72,382,547.
iExec RLC (RLC) Market Price All-Time Basic Technical Chart.
As seen earlier, the RLC price was trying to sustain close to $1, now in the last 1 month (30 days), we can see the price has respected the level and went up reaching close to $2.
The Support level is still close to the current price hence a good time to wait and take an entry, the resistance levels stand at $2.30, $3.30, $4, and $5.30. Currently RLC is trading with a high volume on Binance Exchange.
iExec RLC (RLC) Market Capital All-Time Basic Technical Chart.
We can see here that the Market capital has just started to increase. In the last 30 days, the Market capital low was at $58,853,312, and the high is $119,665,413, so we can see that the market capitalization has now increased by double which is leading its price too.
As mentioned earlier the Market capital has gone up from this same level previously as we can see in the chart hence it was expected that the Market capital will start moving up from this same level which currently we can see is happening.
1-Day Candle Chart with RSI.
RLC price with RSI. We have seen last that the price may be expected to touch the trend line (Black line) and then possible that the price will go up. Now we can see that it exactly happened the same, the price touches the trend line (Black line) and not only goes up but also crosses the RSI upper level.
Since now the RLC price touches/above RSI upper level the safe traders can exit but the target is still the same which is $2.50 and it is not yet reached, so holders can hold more and wait for the next resistance level which will be our targets.
The new trader, for fresh/new entry and a safe trader, can wait till RSI touches the lower level or can take entry at the current level with a small amount and quantity and then can add more to the average when RSI touches the lower level.
1-Day Candle Chart with 50-Days — 200 Days Moving Average.
In this chart, we see that the RLC price has given a breakout above 50 Days MA and was trading close to 50 MA. Now, we can see the RLC price has taken support above the 50 Days MA and went up.
We can also see that the current level is the last Support level between March 2022 — April 2022 which was broken and now acts as a resistance.
As the RLC price has given a breakout to the 200 Days MA and is trading above it. If the RLC price is closed above 200 Days MA, then a good sign for a long hold, and few retracements are possible.
1-Day Candle Chart with SuperTrend.
RLC price with the SuperTrend Indicator. Here, we can see the SuperTrend has already shown a BUY signal and then two times it tried to come to the SuperTrend Support Level, from the same level it went up.
Even though the indicator has already shown a BUY signal, the fresh entry trader can wait for safe trade till the price come close to the SuperTrend Support Level which is $1.10, or the fresh entry trader can take entry at the current level with a small amount and quantity and then can add more to average when a price comes close to the SuperTrend Support Level.
In this article, we have seen how the price reacted according to their levels with different Technical indicators, also in earlier we saw the possible levels of the iExec(RLC) price where up movement is expected and we see the iExec(RLC) performed the same.
Market Capital has increased and doubled compared with the last 30 days, accordingly, the price is also going up. The current RLC price has broken 50 days MA and also crossed 200 MA. If the price sustains above 200 MA and gives a close price above the 200 MA, then it can be a good time for a long hold.
This article is just for an educational purpose and not for investment suggestions. Please do your own study and research before any investment.