On February 21, the RLC price initiated a rapid upward movement and increased by 25% in a matter of hours.
iExec RLC (RLC) Highlights
- RLC has been following a descending resistance line for 770 days.
- There is resistance at 1100,1650 & 2900 satoshis.
- The price is trading inside a broadening, ascending wedge.
- It broke out from a short-term descending resistance line.
Will the RLC price be successful in reaching the resistance line? Keep scrolling below if you want to find out.$RLC
— Nico (@CryptoNTez) February 21, 2020
Testing lower trendline of the ascending channel (matching ~6100 sats support level & EMA50)
If it bounces from here (showing some rising volume), then a new test of 7700 sats could be in play (over 20% in price increase)#RLC pic.twitter.com/qrXCRC0WXi
Long-Term Resistance
The RLC price has been following a descending resistance line for 770 days, since its inception. At the time of writing, it was trading right at this resistance line. The RSI has bounced at the 50-line and is moving upwards. This is a bullish development since it has been trading below this line for the majority of its history. While it moved above it in March 2019, it quickly decreased below. In the current movement, the RSI moved above 50 in October 2019. The ensuing decrease caused it to drop to the midpoint, where it bounced instead of decreasing. This indicates that the bullish sentiment is getting stronger and the price might be in a bullish cycle.

RLC Channel Breakout
Since the tweet, the price has initiated a very rapid upward movement and already reached the target given in the tweet. While the resistance line is not completely clear due to the presence of several long upper wicks, it seems that the price is trading inside a broadening, ascending wedge. In addition, the recent bounce caused the price to move above its 50-day moving average (MA). At the time of writing, the current price was 21% higher than the opening price, while the daily high was 34% higher.

Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
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