RLCBTC Market Overview: Volatility and Potential Rebound Amidst Strong Selling Pressure

• Price action showed a sharp dip into the session's low near 9.01e-06 before consolidating.
• RLCBTC faced key resistance at 9.3e-06 and found support around 9.05e-06 during the 24-hour window.
• RSI hovered near oversold territory, suggesting potential for a short-term rebound.
• Volume surged during the price drop, while turnover remained mixed, indicating strong selling pressure.
• A bullish engulfing pattern formed near 9.05e-06, hinting at a potential short-term reversal.

The iExec RLC/Bitcoin (RLCBTC) pair opened at 9.21e-06 on 2025-10-02 at 12:00 ET and reached a high of 9.33e-06 before plunging to a low of 9.01e-06 within the 24-hour window. At 12:00 ET on 2025-10-03, the price closed at 9.05e-06, reflecting a bearish trend. Total volume traded in the period was 12,578.3 units, with a notional turnover of RLC 113.6.

The 15-minute chart displayed a bearish structure, with prices collapsing from a key resistance near 9.3e-06 to find support around 9.05e-06. A clear bearish bias was evident in the lower time frame, with the 20-period and 50-period moving averages both sloping downward, reinforcing the downtrend. The daily chart showed a broader bearish structure, where the 50- and 200-period moving averages diverged, indicating a deeper bearish momentum.

MACD and RSI confirmed the bearish bias, with RSI dipping into oversold territory near 28 and MACD showing a negative crossover. Bollinger Bands reflected a period of volatility expansion as the pair broke below the lower band during the sharp decline. Prices appeared to consolidate at the upper band in the final hours, signaling a potential short-term reversal. Fibonacci retracement levels placed critical support at 9.05e-06 (61.8%) and 9.01e-06 (78.6%), both of which were tested during the session.

The volume profile highlighted increased activity during the sharp decline, especially after 1:15 AM ET, with large trades pushing the price lower. Turnover also rose during that period, aligning with the price movement. However, during the consolidation phase near 9.05e-06, volume dried up, suggesting uncertainty among traders. A bullish engulfing pattern at 9.05e-06 may hint at a short-term bounce, but a close below that level could extend the bearish phase.

A possible short-term rebound from 9.05e-06 appears plausible, but the broader trend remains bearish. A retest of 9.3e-06 could trigger renewed selling, while a sustained move above 9.09e-06 could signal a reversal in sentiment. Investors should monitor the 9.05e-06 support level closely, as a breakdown would suggest further downside to the 9.01e-06 level. Volatility is expected to remain elevated over the next 24 hours.