iExec RLC Price Forecast: Flip of key resistance level could trigger 25% gains
- iExec RLC price is close to flipping a key resistance level at $3.33, signaling a bullish trend.
- A successful flip could result in 25% gains in the short term.
- On-chain metric shows a massive interest from whales.
- A breakdown of the $3.05 support level will create a lower low and invalidate the bullish thesis for RLC.
iExec RLC (RLC) price is likely to end its struggle surrounding a key level. This development could trigger a quick but impulsive move to the upside and benefit the patient RLC holders.
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iExec RLC price edging closer to volatile move
iExec RLC price has been attempting to overcome $3.36, the midpoint of the 60% crash noted between March 10 and April 13. Despite multiple attempts, RLC bulls have remained defeated. But the recent move above this level has come close to breaching the $3.33 key level, coinciding closely with $3.36.
A successful flip of this barrier would open the floodgates, propelling iExec RLC price to target the $3.78 level, roughly 13% away from $3.33. If the bullish momentum persists, RLC could overcome this intermediate hurdle and revisit the $4.13 level, nearly 25% up from the same starting point.
This move is supported by the Relative Strength Index (RSI) and the Awesome Oscillator (AO) indicators, which are retracing from a place of strength. As the RSI and AO bounce off their mean levels of 50 and 0 and kick-start the aforementioned move, it would confirm this bullish momentum.
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RLC/USDT 12-hour chart
Data from IntoTheBlock suggests that the Large Transaction Volume soared from 35,000 RLC to 251,000 RLC in the past 24 hours. This index tracks transfers worth $100,000 or more, serving as a proxy for the behavior of institutional investors. Therefore, the sharp increase could suggest a potential accumulation from whales.
RLC Large Transaction Volume
While the technical and on-chain perspectives suggest an optimistic future, a breakdown of the $3.05 support level will eliminate it. This move would create a lower low and invalidate the bullish thesis for RLC. This development could further knock iExec RLC price by 10% to the next key foothold at $2.75.
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Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
