- 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
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%.
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.
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.