iExec RLC Price Analysis: RLC Struggling To Maintain Sustainability Above The Crucial Mark of $1.50

iExec RLC Is Testing The Major Resistance Level of $1.60
  • iExec RLC has been bullish for the past couple of months registering an overall gain of 60.00% on a 90-day timeframe 
  • The RLC/BTC pair has also performed bullish while registering an overall gain of 30.00% on a 30-day timeframe
Source: RLC/USDT on Tradingview

On the monthly timeframe, iExec RLC has been on the rising channel from the starting of the year. From the start of 2021, the price levels were at a bearish regime of $0.70 as compared to the current levels. The bulls hinted at their arrival for the cryptocurrency while having a positive breakout above the crucial mark of $1.00. The starting of the current month has also been bullish for REC forming an ascending triangle pattern. A bullish pennant will be expected in the upcoming trading sessions as the price levels are constantly testing the upper base of the ascending triangle. The CMP is placed at $1.55 with an overall gain of 5.70% over the day. The market capitalization has reached $123,729,109 with an increase of 6.17%. The 24-hour volume traded has reached $11,421,777 causing a decline of 37.99%.   

Source: RLC/USDT on Tradingview

On centralizing the ascending triangle pattern, it was observed that the price levels had already provided a positive breakout from the pattern. However, the cryptocurrency quickly retraced back indicating a significant presence of resistance. Therefore, RLC needs to have a positive breakout above $1.60 and maintain sustainability at the same time for a further uptrend in the market. 

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Moving Average Convergence & Divergence (MACD): The trend on MACD has started to be bearish. The levels have suffered a bearish crossover and looking vulnerable to go below the histogram. Selling bars have also been formed on the histogram line potentially because of the resistance level of $1.60 coming into the act. 

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Krystian Bielanski
Krystian is a crypto trader and investor with a background in IT based in Hong Kong. He specialises in technical and fundamental analysis working closely with chartist and algo programmers.

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