💬 iExec's RLC token "runs on lots of computers" and RLCs price action just keeps running.
We are coming up to the last point of resistance for RLC's USDT chart, and logically it may be time for another pullback.
If and when we get that pullback there are some juicy support levels to look for if RLC is to make new highs (new highs could be in the cards given RLC's correlation with other alts making waves recently; see the related ideas).
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Higher Timeframe overview:
Support:
S1: The S1 S/R flip is the first level of support for RLC. This one could see a reaction on the way down or perhaps hold in a quick corrective move if the bulls are adamant about not correcting until resistance is fully breached.
S2: The S2 orderblock is the next best bet for the bulls if S1 can't hold. If S2 doesn't work as support, it should at least see a reaction as price moves past it.
S3: The S3 orderblock at the minor price pivot point could be the perfect entry for bulls looking to enter during a period of consolidation. If one is trying to enter with resting orders, it makes sense to put at least some portion of your orders here.
S4: If S4 can't hold, then our last level of interest is the S4 S/R flip. A quick retest of the prior range before moving up makes sense, so getting a fill here is optimal if RLC is to keep running.
Resistance:
R1: The R1 orderblock cluster at the All-Time High (ATH) range is the only resistance on our chart, but it is a big point of resistance. This is not only the lone resistance on our chart, but it is the last resistance on the RLC chart in general. It is very likely price struggles here.
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Summary: If bulls can break resistance either now or after consolidation, the sky is the limit. Entering while price is going up into support doesn't make sense. Entering on a pullback to one of these levels could pay off if proper risk management is used. Otherwise playing a breakout of resistance has some logic in it as well. That said, any long-term RLC holder has to be thinking about taking profits here... there isn't another target left on the chart.